Bitcoin Tags All-Time High As Trump Takes Early Election Lead

The price of Bitcoin has soared to new all-time highs as Donald Trump racks up electoral college votes in the 2024 U.S. presidential election.

According to CoinGecko, BTC posted a record high of $74,504.62 roughly one hour ago and has since retraced 0.3% to $74,424. The price of BTC is up 9.3% over the past 24 hours and 17.2% in 30 days.

The combined market cap of digital assets also rallied 7% to nearly $2.59 trillion — its highest level since July.

Dogecoin (DOGE), the veteran memecoin favored by Elon Musk, the CEO of Tesla vying to become the “secretary of cost-cutting” within a Trump administration, is the strongest performing top 100 cryptocurrency with a 24-hour gain of 28.8%.

Uniswap (UNI) comes in second with 23%, followed by dogwifhat (WIF) with 22%, Bonk (BONK) with 21.3%, and Sui (SUI) with 21.2%.

Ethereum (ETH) is lagging with a 7.2% gain, while Solana (SOL) jumped 17%.

Markets rally on Trump electoral college lead

The bullish market action comes after Trump took an early lead in the 2024 U.S. presidential election.

Trump has secured 230 electoral college votes to Harris’s 205, with 270 electoral college votes needed to win the election. The New York Times currently projects that Trump has an 89% chance of victory.

At the time of writing, Trump enjoys a lead in six of the seven key battleground states. Trump is ahead with 51.5% in Michigan after 37% of votes have been counted, leads with 51% in Wisconsin with 67.6% of votes counted, 51.2% in Pennsylvania with 77.3% of votes counted, 51% in Georgia with 91% of votes counted, 50.7% in North Carolina with 88.9% of votes counted, and 49.7% of votes in Arizona with 49.8% of votes counted. No votes in Nevada have been counted.

Trump spent much of 2024 seeking to court votes from the crypto industry, promising to position the United States as a leader in digital asset innovation, support the domestic Bitcoin mining industry, and establish a national stockpile of BTC.

Trump also promised to fire Gary Gensler, the chair of the U.S. Securities and Exchange Commission. Gensler has overseen a hostile regulatory offensive targeting the web3 industry.