Bitcoin, Altcoins Explode as Election Results Keep Rolling In

Bitcoin prices have made a new peak price of $75,000 during early Asian trading on Wednesday, Nov, 6, according to Tradingview measuring prices on Binance.

The price pump followed a 9% gain on the day as the US election votes were counted, and Donald Trump extended his lead over Kamala Harris at the time of writing.

CoinGecko also had BTC trading at an all-time high but posted a lower aggregate price of $74,500, where it was trading at the time of writing.

Bitcoin all-time high and no one knows yet.

Altcoins Pumping (Well, Most of Them)

Total market capitalization hit $2.57 trillion on Wednesday morning, its highest level since late July, primarily driven by Bitcoins new peak.

Moreover, BTC wasnt the only digital asset making big moves at the moment. Dogecoin (DOGE) exploded 30% on the day, topping $0.21 for the first time since late March.

Other big movers include Solana (SOL), which surged 14% to reach $184 at the time of writing.

Avalanche (AVAX), Chainlink (LINK), Sui (SUI), and Near Protocol (NEAR) were also outperforming wider markets with double-digit gains on the day at the time of writing.

Trumps memecoin MAGA (TRUMP) had also pumped 28% as the man himself extended his lead.

However, Ethereum had only made around 6% and was lagging behind its crypto brethren again, failing to break resistance at $2,600 or even reach its October highs.

Other altcoin laggards included

Binance Coin

(BNB), XRP, and Toncoin (TON), failing to gain 5%.

Nevertheless, “the real winner today is crypto,” commented Ethereum advocate Anthony Sassano.

Premature Market Pump？

The short-term Bitcoin pump is correlated with the probability of Trump winning the election, and it could go higher if that is the outcome. However, a sharp retrace is likely to occur should Harris be victorious.

Former President Barack Obama cautioned that it may take a few days for all the ballots to be counted. “It took several days to count every ballot in 2020, and it‘s very likely we won’t know the outcome tonight either,” he said.

Meanwhile, blockchain betting platform Polymarket had the odds of a Trump win at record highs.