The price of Bitcoin has reached an all-time high of $75,005.08, surpassing its previous peak, on news that candidate Donald Trump could win the 2024 US presidential election.
Over the past 24 hours, Bitcoin is up 7.55%, currently trading around $73,804.
Over the past seven months, Bitcoin has traded within a range of $50,000 and $70,000. Other cryptocurrencies are also experiencing significant gains, with Ether up 6.72% to $2,562.
The timing of this new high coincides with the US presidential election, where Trump's stance on cryptocurrencies has become more favorable.
During his time as president, Trump criticized cryptocurrencies as being a fraudulent scheme. However, he has since completely shifted his stance and is now even supporting his own platform for these digital currencies.