Bitcoin is trading at its highest valuation ever. Every trader holding the asset is currently in profit as it crushed its previous all-time high.
The apex coin started the day at $69,396 but surged, breaking through the $70k barrier and lingered for a bit. It continue the uptrend, flipping $72k and $74k in a single sweep. The one-hour chart shows the apex coin blazed past the previous ATH, setting a new one at $75,080.
Bitcoin surged above $75k for the first time since its introduction to the market. The new all-time high excited traders, who took to social media to express their joy. Many expressed happiness and congratulated everyone who helped down to the latest milestone.
Many institutions anticipated the surge. In keeping with their treasury strategy, publicly traded medical technology company Semler Scientific increased its holdings to 1,058 BTC.
While the excitement reaches sky-high, a few market participants are in losses. Coinglass shows that some traders losjt massively, shorting Bitcoin. Total liquidations exceed $400 million, with most coming from the apex coin. The bears make up over 80% of the total losses.
What Caused the Surge?
The US election is gradually coming to an end, and results from several states are coming out. The polls so far show that the crypto-favorite candidate edges out the other candidates and may win the race. At the time of writing, Donald Trump has won 247 electoral colleges against Kamala Harris’ 210.
State media report a high probability of Republicans returning to the White House following the results. They see no chance of Democrats bridging the gap. Although the Associated Press has not called the elections, the crypto market surges in anticipation.
Bitcoin May Surge Higher
It is worth noting that the ongoing uptrend and milestone is due to the anticipations of Donald Trump’s Victory. The apex coin is going through a cool-down at the time of writing, trading a few percent away from its ATH.
It may go higher when the concerned agency announces the winner. Previous price movements point to a possible move to $76k.
