Bitcoin (BTC) Skyrockets as Trump's Election Win Fuels Market Rally: The 'Trump Trade” Effect

Bitcoin skyrocketed following Donald Trump's victory in the 2024 United States presidential elections, where he secured a majority with 295 electoral votes.

Bitcoin (BTC) price reached a new all-time high in the last 24 hours, surpassing the $76,000 level for the first time and is currently trading at $74,929.

According to CoinMarketCap data, Bitcoin transaction volume increased by 0.20 in the last 24 hours and reached 96.97 billion dollars. As of this writing, BTC price is trading at $74,929.44, down 2.05% from its peak. Bitcoin price increased by 3.64% in the last week and .41 in the last 30 days.

Trump's Election Victory Triggers Bitcoin: "Trump Trade" Effect

Bitcoin skyrocketed after Donald Trump won a majority of 295 delegate votes in the 2024 United States presidential election. Some analysts describe this rise as the "Trump Trade" driven by expectations of business-friendly policies and fewer regulatory hurdles.

Also Read: Altcoin Market Explosion Expected as Bitcoin Hits $75,000 Record

Billionaire Trump, known for his non-fungible token (NFT) initiatives, promised to introduce fair regulations for the digital asset industry and dismiss Securities and Exchange Commission (SEC) Chairman Gary Gensler on his first day in office.

Trump's victory not only marks his return to the presidency, but also shows a shift in market expectations, with investors expecting fewer hurdles to Bitcoin adoption. Bitcoin's alignment with Trump's broader economic policies ensures that under his administration the leading cryptocurrency will integrate into traditional financial systems.

Bitcoin Aims for Higher Price Levels

TradingView data shows that November 6 was very bullish for Bitcoin, with prices increasing by approximately 9%. Bitcoin gained strong upward momentum, surpassing $76,000 for the first time. CNBC analysts predict that BTC could reach $100,000 before the inauguration if Trump's crypto promises are fulfilled.

The Relative Strength Index (RSI) for Bitcoin is currently showing 67.10, suggesting significant buying pressure. However, the uptrend suggests that BTC may make a small pullback before reaching higher price levels.

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