Bitcoin’s price has continued to rise, hitting new all-time highs almost daily, with the latest reaching just under $80,000. The altseason also seems to be starting, with multiple alternative coins experiencing double-digit price increases over the past day. This is likely due to the impact of the 2024 US presidential election, where Bitcoin struggled at $67,000 on Monday but soared to $75,000 after Donald Trump’s victory became official.
The US Fed’s rate cut on Thursday also sent the asset soaring to around $77,000, before it peaked just shy of $80,000. Meanwhile, altcoins have been performing impressively, with Cardano and SUI experiencing over 30% surges, Dogecoin reaching a multi-year peak, Ethereum surging by 30% in the past week, and many others experiencing double-digit price increases.
The total crypto market cap has risen by about $130 billion since yesterday, sitting at over $2.850 trillion.