Bitcoin on Wednesday, November 6 created a new all-time high, just hours ahead of the US election results that seem to be inclining in Donald Trump's favor at the time of writing. On foreign exchanges, Bitcoin is trading at $74,935 (roughly Rs. 63.08 lakh), showed CoinMarketCap). Over the last day, the value of BTC has spiked by 9.15 percent on a global average. Meanwhile, on Indian exchanges like CoinSwitch and Giottus, BTC price has risen by around 6.50 percent to trade at $75,975 (roughly Rs. 63.9 lakh).
“The market seems to have reacted in advance to Trump's earlier hints about potentially designating BTC as a strategic reserve asset. In the backdrop, BTC has reached a historic high,” Ryan Lee, Chief Analyst at Bitget Research told Gadgets360. “However, significant uncertainties remain. The election results could still shift as more votes are counted, and historically, final outcomes can differ significantly from early projections. Should Trump succeed in the election, any crypto-friendly policies introduced could drive the market value of digital assets significantly higher, potentially replicating BTC's impressive surge seen in Q1 of this year.”
Ether joined Bitcoin in reaping profits from the election hype. Internationally, ETH value spiked by 6.70 percent over the last day. At the time of writing, ETH was trading at $2,590 (roughly Rs. 2.18 lakh) on foreign exchanges, showed CoinMarketCap. On Indian exchanges, ETH is trading at $2,680 (roughly Rs, 2.25 lakh).
Most cryptocurrencies on Wednesday reflected profits on the price chart. These include Tether, Solana, Binance Coin, USD Coin, Ripple, and Dogecoin.
Cardano, Shiba Inu, Avalanche, Bitcoin Cash, and Chainlink also registered profits.
“This momentum has also sparked double-digit gains across altcoins, highlighting the broader market's strength. A Trump victory could add fuel to this outlook, with potential regulatory appointments inclined towards crypto-friendly policies. Reduced regulatory ambiguity could encourage even greater institutional participation, likely elevating Bitcoin's value and sparking broader altcoin interest,” Sumit Gupta, co-founder, CoinDCX told Gadgets360.
The overall crypto market cap rose by 11.05 percent over the last day. As per CoinMarketCap, the valuation of the crypto sector presently stands at $2.48 trillion (roughly Rs. 2,08,78,724 crore).
Tron, Monero, Iota, and Augur meanwhile, reflected minor losses on the price chart on Wednesday,
Market analysts have cautioned crypto investors to be careful during this wave of volatility.
Cryptocurrency is an unregulated digital currency, not a legal tender and subject to market risks. The information provided in the article is not intended to be and does not constitute financial advice, trading advice or any other advice or recommendation of any sort offered or endorsed by NDTV. NDTV shall not be responsible for any loss arising from any investment based on any perceived recommendation, forecast or any other information contained in the article.
