The price of Bitcoin hit an all-time high of $76,444 in late trading on Wednesday, continuing the price surge earlier in the day.
This move comes after the results of the US presidential election were received throughout the day, and Donald Trump was announced as the winner.
"America has elected the most pro- crypto Congress in history," a statement from the largest exchange in the US, Coinbase, in a post on X on November 6.
This massive rally in the price of Bitcoin has seen the asset gain a solid 20% in the past month and increase its annual gain to 78%. The asset dipped slightly in Thursday's morning trading session in Asia, falling to $74,922 at the time of writing.
Crypto industry analysts and commentators celebrated Trump's victory, with 'The Bitcoin Therapist' telling his 140,000 followers on X that “Trump will send Bitcoin to the $250K price level.”
Additionally, Bitcoin has overtaken Facebook's parent company, Meta, in terms of market capitalization, which is now worth $1.48 trillion compared to Meta's $1.44 trillion, according to CompaniesMarketCap.
Additionally, talk of a strategic Bitcoin reserve for the United States has resurfaced, adding momentum to this surge.
There was also a surge in institutional interest, as spot Bitcoin ETFs saw large inflows on Wednesday, reversing the trend of outflows over the previous three trading days.
Bloomberg ETF analyst Eric Balchunas commented that the BlackRock IBIT ETF had the biggest trading day in its history with $4.1 billion traded. "By comparison, this trade volume is larger than stocks like Berkshire, Netflix, or Visa today," he added.
Bitcoin is not the only crypto asset on the rise; Ethereum is also finally rising from its passive period. The price of ETH jumped 10% on the day, hitting $2,872 in Thursday's morning trading session. This is the highest level that Ethereum has reached since early August when the asset fell below $3,000.
The Ethereum ecosystem and its underlying assets have been plagued with FUD and misinformation over the past few months as the price of ETH failed to move with the market.
However, now there seems to be a revival, with analysts changing their views.
