Bitcoin is on the brink of breaking its all-time high, trading close to $73,000 as investors place their bets on the upcoming U.S. presidential election.
As of Wednesday, Bitcoin surged to $73,563.63 in late U.S. trading, only a fraction below its March peak of $73,797.98.
This recent rally is driven by rising anticipation that a Donald Trump victory could further boost the digital currency, positioning it as a favored asset under a Republican administration.
Donald Trump, now presenting himself as a “pro-Bitcoin president,” has drawn significant interest from the crypto community. Despite his initial opposition to cryptocurrencies, he has since shifted his stance, even launching his own crypto platform.
Analysts have noted a positive correlation between Trump’s performance in the polls and Bitcoin’s price, with many investors seeing a Republican win as a boost for the cryptocurrency market.
Dubbed “Uptober” by crypto analysts, October has historically seen digital assets rally after the September downturn. This year, major cryptocurrencies are experiencing solid gains, fulfilling analysts’ expectations. Currently, Bitcoin is valued around $72,274, just shy of its all-time high, and Ethereum, Binance Coin (BNB), and Solana have seen similar upward momentum, trading at $2,650, $607, and $181 respectively.
Prominent figures in the crypto space, like Peter Brandt, are forecasting further growth. Brandt tweeted his prediction that Bitcoin could reach $94,000, citing technical indicators and a bullish setup following recent breakouts. Similarly, VanEck’s Matthew Sigel highlighted the favorable conditions for a continued rally, particularly as the November election approaches.
Beyond Bitcoin, specific sectors within the crypto ecosystem, including meme coins, AI tokens, and real-world asset tokens, have recorded substantial year-to-date (YTD) growth. Memecoins lead with a 219% YTD increase, while AI tokens and BRC-20 tokens have surged 217% each, benefiting from the renewed market optimism.
