KEY POINTS
- Bitcoin is up by nearly 10% in the last seven days, posting new ATHs in three consecutive days
- Solana outperformed Bitcoin in the past week, rallying by nearly 19%
- Stand With Crypto's data showed that majority of the elected candidates in Congress are pro-crypto
Bitcoin (BTC) has once again achieved a new all-time high, and Solana (SOL) hit $200 as the Federal Reserve cut interest rates by 25 basis points to 4.50 percent – 4.75 percent following the September reductions.
The world's largest cryptocurrency by market cap has been on a wild uptrend since Donald Trump secured the presidency Tuesday night, boosting other altcoins along, including SOL.
$BTC on the Road to $77K
Data from CoinGecko shows that on Thursday, Bitcoin surged to a new record high of $76,872.61, beating its Wednesday all-time high above $76,000. As of early Friday, the digital coin is trading just above $76,000 but remains in the green amid a nearly 10% rally in the past seven days.
As is the case whenever BTC prices climb, some altcoins make their own move upward, including Solana, which sparked bullish outlooks for the digital asset in recent weeks.
$SOL Hits $200 amid Bitcoin Spike
Solana prices surged just above $200 at one point on Thursday, marking a significant rally in the digital asset's journey to the higher ranks of the crypto powerhouse list.
The digital currency is up by 4.6% in the last 24 hours and has so far outperformed BTC in the last seven days, posting an 18.8% increase.
SOL also outperformed Bitcoin on election day, surging by 17% compared to BTC's nearly 10% spike on Tuesday.
Trump's Victory Lifts Crypto Market
Cryptocurrency markets reacted positively as soon as the media called the 2024 U.S. presidential race for the Republican nominee, buoyed by hopes that a Trump government will be more friendly to the industry.
Aside from Trump's landslide win and Vice President Kamala Harris's concession, the crypto industry is also set to welcome what Coinbase CEO Brian Armstrong called the "most pro-crypto Congress ever."
Stand With Crypto data shows that there are 266 "pro-crypto candidates" elected into the House of Representatives, compared to 120 "anti-crypto" candidates. Also, there are 18 pro-crypto politicians elected into the Senate, as opposed to 12 anti-crypto candidates.
The nonprofit has categorized the crypto stances of over 1,000 politicians. Among the notable politicians who were given an A (strongly supportive) rating were Sen. Cynthia Lummis, R-Wyo., Rep. Tom Emmer, R-Minn., Rep. Yadira Caraveo, D-Colo., and Sen. Chuck Schumer, D-N.Y.
Other Altcoins Rise Higher Than $BTC
Meanwhile, several other altcoins have surged higher than BTC even as it hit a new all-time high, including Cardano (ADA), which increased by over 13% in the past day.
Mantle (MNT), the native token of the decentralized network Mantle, is up by 7.3%, and Cronos (CRO), the native digital currency of the Crypto.com-developed open-source Cronos chain, surged by 6.6% in the last 24 hours.
It remains to be seen how the crypto market will perform in the coming weeks, but as of now, many early crypto adopters and long-time holders are basking in the gains they've made through their investments.
