Bitcoin hits an all-time high as the cryptocurrency market buzzes with the news of Trump's return to America

Bitcoin reached a fresh all-time high on Wednesday, overcoming its previous high above $75,000 when, in the US Presidential election results, it was overtaken by Republican candidate Donald Trump.

According to media reports, Trump has been awarded 267 of the 270 electoral seats needed for a majority. Trump won eight states, while Harris carried three states and Washington, DC. Still, with an uncomfortable election outcome, the result is likely to rely on seven swing states.

Bitcoin surged 8.4% to 75,060 dollars on Wednesday while Ether leaped 7.2% to 2,576 dollars. Trump's relatively relaxed stance on cryptocurrencies compared to Harris triggered a bullish reaction in the market. The dollar index, which measures the US dollar against six major peers including the euro and yen, rose 1.25% at 104.72 after Trump dominated early exit polls.

On balance, most analysts believe Trump's plans for restricted immigration, tax cuts, and sweeping tariffs are likely to put more pressure on inflation and the bond market than Harris.

US Treasury yields also rose, with the yield on the 10-year Treasury note up to 4.351% from 4.279%, not far from the recent four-month peak of 4.388%. Its two-year peer rose from 4.189% to 4.241%.

Meanwhile, other major cryptocurrencies also logged notable gains, including BNB at 5% gains, Solana by 13.5% in green, XRP with 5% gains, Dogecoin up by 21.6%, Cardano by 6.6%, Shiba Inu by 10%, Avalanche by 12.3%, and Chainlink by 11.4%.

According to available data from Coinmarketcap, the volume of all stablecoins is now $100.92 billion, representing 92.46% of the total 24-hour crypto market volume. Over the past 24 hours, Bitcoin’s market cap as the world’s largest cryptocurrency rose to $1.445 trillion. Bitcoin’s dominance is currently at 59.86%. Its volume increased by 40.89% to $59.26 billion over the past 24 hours.