Bitcoin Steadies Near Recent Peaks, Election Sparks Altcoin Rally
Investing.com-- Bitcoin steadied near recent peaks on Thursday, as Donald Trump's victory in the 2024 presidential election sparked sharp gains in cryptocurrencies
Donald Trump’s victory in the 2024 presidential election on Wednesday sparked sharp gains in cryptocurrencies, with Bitcoin hitting fresh record highs and other major altcoins extending recent gains.
Trump had presented a largely pro-crypto stance during his campaign, promising to introduce friendly regulation if elected. This prospect had already boosted Bitcoin and other cryptocurrencies in recent weeks.
As Trump pulled ahead of Kamala Harris in early vote counting, Bitcoin rose sharply from recent levels, crossing record highs last seen in March 2024. Broader cryptocurrency prices also rose, while crypto stocks, such as Coinbase Global Inc (NASDAQ:COIN) and Marathon Digital Holdings Inc (NASDAQ:MARA), clocked strong gains.
Trump’s swift victory also helped clear a major point of uncertainty for markets, sparking a rally across risk-driven assets. U.S. stock indexes rallied to record highs on Wednesday.
But this rally now appeared to be cooling, as focus turned to the conclusion of a Federal Reserve meeting on Wednesday. The central bank is widely expected to cut interest rates by 25 basis points.
The dollar steadied at four-month highs before the Fed meeting, also stifling further gains in risk-driven assets.
Traders were skittish ahead of any signals on future rate cuts from the Fed, especially in the face of a Trump presidency and recent stickiness in inflation.
Bitcoin steadied at $74,794.7 by 00:19 ET (05:19 GMT). The world’s biggest crypto surged to a record high of $76,401.4 on Wednesday.
Bitcoin had hit a March 2024 peak of $73,697.4 before sliding to recent lows of $69,633.2. Trump’s election now marked a major turning point for the cryptocurrency, which had largely traded in a range between $65,000 and $75,000 for the past three months.
Bitcoin’s gains now come as the cryptocurrency is set to clock its best three-year period since its 2017 bull run. The coin, which was trading at around $25,000 at the start of 2024, has now gained over 200% in value.
World no.2 crypto Ether also saw strong gains on Wednesday, rising nearly 10% to a three-month high of $2,848.60.
SOL, XRP, ADA and MATIC also rose on Wednesday, clocking gains of between 1.8% and 7%.
DOGE, however, cooled after clocking strong gains in recent sessions, falling 5.8% on Wednesday.
Most major altcoins were still trading at significant discounts to record highs hit in 2021, having largely lagged Bitcoin over the past three years.
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