Nov 5, 2024 - Economy

Bitcoin sets a new all-time high on election night

Brady Dale

Illustration of a bitcoin peeking out behind a curtain — Illustration: Sarah Grillo/Axios

Bitcoin set a new all-time high Tuesday night, amid strong early results for Donald Trump in the 2024 presidential election.

Why it matters: It indicates confidence from the market in Trump's chance of winning and ushering in a much more pro-crypto regulatory environment.

By the numbers: At 8am ET Tuesday morning, bitcoin (BTC) traded for $68,710, according to CoinGecko.

As of 10:30pm Tuesday night, bitcoin hit a high of $74,504, which is roughly $1,400 above the previous high from March.
That said, bitcoin will not break its inflation-adjusted all-time high from 2022 until it gets somewhere over $80,000.

Context: Historically, bitcoin overperformed following the prior two presidential elections.

Since bitcoin ETFs were approved early this year, the crypto industry awaited the return of a bull market.
While the trends have generally been upward, they haven't quite broken through to a full bull market — yet.

What we're watching: It remains to be seen if the elation continues once the race results become clear.

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Bitcoin sets a new all-time high on election night

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