KEY POINTS
- $BTC surged to $76,243 at one point on Wednesday after Trump secured 270 electoral votes
- $UNI outperformed Bitcoin, spiking by nearly 22% in the last 24 hours amid a 17% weeklong rally
- $ETH increased nearly 12% in the last day despite concerns about the coin's fate
- Some popular memecoins also surged, including $PEPE and $POPCAT
Bitcoin has hit a new all-time high after first passing $74,000 on election day and surging above $75,000 to reach $76,243 at one point on Wednesday.
Data from CoinGecko showed that BTC has been up by 5.6% in the last 24 hours amid a 4.5% week-long spike. The surge was backed by a strong 20.3% uptick in the last 30 days.
$BTC Carried by Trump Victory
Bitcoin's two-day ascent came as Donald Trump secured the 270 electoral votes needed to win the presidency and the media called the 2024 presidential race for the Republican presidential nominee.
His stunning comeback was achieved after his criminal conviction, an assassination attempt during a rally at swing state Pennsylvania, and a fierce campaign battle against Vice President Kamala Harris.
Trump has repeatedly promised in the lead-up to the elections that he will promote Bitcoin adoption and will also support BTC mining, as well as the broader cryptocurrency industry.
His sons are already involved in crypto through their World Liberty Financial project, signaling that the 47th President of the U.S. may turn out to be much friendlier to the sector than his predecessor.
Other Altcoins Outperform $BTC
As has been the case throughout the history of crypto, Bitcoin's uptrend lifted other digital currencies, also called altcoins (alternative coins).
One of Wednesday's top performers was Uniswap (UNI), the native token of decentralized crypto trading platform Uniswap. The digital coin increased by nearly 22% in the past day following a 17% seven-day rally.
Many other altcoins have been surging since Tuesday, but the biggest story of them all is Ether (ETH), the native cryptocurrency of the Ethereum blockchain, which spiked nearly 12% on Wednesday.
The token defied all concerns about its slow ascent compared to Bitcoin, outperforming the world's largest crypto asset by market value one day after the general elections. Ether is the world's second-largest cryptocurrency and with a market value of over $340 billion, it is the closest to BTC's stellar $1.4 trillion market cap.
Memecoins Also Topple $BTC's 24-Hour Performance
Some memecoins are also outperforming Bitcoin after election day, including PEPE and POPCAT, which are both up by 15%, ambitious dreamer SPX6900 (SPX), which climbed by 24%, and NEIRO, which surged significantly at 48%.
Before altcoins and memecoins mimicked Bitcoin's ascent, analysts already projected that an altcoin season may be inevitable under a Trump presidency, given his promises to Bitcoiners and the broader crypto community.
Pro-Bitcoin Trump Ally Projects a Bright Future
Meanwhile, as the crypto community celebrates what Professional Capital Management CEO Anthony Pompliano said is the birth of "the first Bitcoin President" in the U.S., one of his political allies, Sen. Cynthia Lummis, predicted a shining future for the BTC space.
The GOP senator of Wyoming posted a photo of herself donning the famous laser eyes that Bitcoin holders use to identify themselves as members of the community. "The future is bright," she captioned the post.
The future is ₿right pic.twitter.com/KM956H9Ezq
— Senator Cynthia Lummis (@SenLummis) November 6, 2024
Lummis is known for calling out the outgoing administration for "criminalizing core tenants of the Bitcoin network and decentralized finance" due to its work in threatening self-custody of BTC and other crypto assets.
