Bitcoin reached a new all-time high in Asian morning hours today, exceeding $75,000 as early voting results pointed to a favourable outcome for former President Donald Trump in the 2024 election. The world’s largest cryptocurrency surged 7.5% in the past 24 hours, reflecting traders' optimism about Trump's potential return to the White House, which many in the crypto community view as beneficial for the industry.

The price rally was partly fueled by a significant liquidation of bearish positions, amounting to $94 million, according to Coinglass data. This liquidation coincided with Bitcoin trading at a premium on platforms like Coinbase, signalling renewed demand from U.S. investors. Trump's campaign has embraced a more crypto-friendly approach, including accepting Bitcoin donations and advocating for policies that could enhance the sector's growth.

In parallel, Dogecoin (DOGE) also experienced notable gains, climbing nearly 20% since Tuesday and extending its 30-day increase to over 65%. This rise is attributed to renewed endorsements from tech mogul Elon Musk, who has proposed a Department of Government Efficiency (D.O.G.E), cleverly referencing the popular meme coin.

As early electoral trends show Trump leading with 267 electoral votes compared to Kamala Harris's 214, market analysts anticipate continued volatility and potential upward momentum for Bitcoin which is projected to reach $200,000 by the end of 2025.

POLL📊: Will BTC hit new All Time High of $75,550 on Nov 7 (8AM UTC)?

Bitcoin and DOGE are not the only coins benefiting from the elections-driven price swing. There’s Ethereum too, which despite previous bearish momentum has now reached a November high of $2, 635! While several analysts are referring to this as a comeback for ETH, others question whether this is a momentary boost amid declining investors' appetite for the coin, Meanwhile, Ethereum founder Vitalik Buterin maintains a strong outlook for projects on ETH, which includes a Pectra upgrade in Q4 2024. ETH is well primed to benefit from an elections-driven bull season.

MARKET PULSE: Do you think the coin will hit $2605 by Nov 7?

These NODO polls come with a guaranteed $100 in prizes for all participants. Make some predictions and win!