- Donald Trump won the U.S. presidential election on Wednesday, November 5, 2024.
- Bitcoin surged above $75,000, establishing a new all-time high.
- Trump’s election victory triggered FOMO among crypto users.
Bitcoin surged past $75,000 on Wednesday, November 5, 2024, marking a new all-time high following Donald Trump’s victory in the U.S. presidential election. This rally reflects the optimism across the crypto market, with many altcoins posting gains of over 10%.
In a podcast , Altcoin Buzz analysts highlighted Trump’s proclaimed support for cryptocurrency and its potential effects on the crypto market. The analyst noted that Bitcoin’s ability to hold above key resistance levels could spark a broader rally, positively impacting altcoins.
Trump’s Crypto Policies Boost Market Sentiment
During the campaign, Trump frequently voiced his support for the cryptocurrency industry, pledging to improve regulations. His promises include backing the development of crypto-based financial products, relaxing restrictions on digital assets, and creating a national Bitcoin reserve.
Read also: Bitcoin’s $76K Surge Highlights the “Trump Trade” Effect
In the meantime, most crypto users consider Trump’s election victory bullish for the industry, with discussions across social media platforms signaling a growing bullish sentiment. The Altcoin Buzz analyst noted the rising Fear Of Missing Out (FOMO) as a crucial factor that could form the tailwind for the next bull run.
Altcoins Rally as Trump’s Victory Sparks Optimism
Some of Trump’s campaign declarations that support a bullish Bitcoin outlook include backing US-based crypto mining, opposing the creation of a Central Bank Digital Currency (CBDC), and advocating for self-custody rights for crypto users. Users consider Trump’s promises a potential move to create a more friendly crypto environment that would promote innovation in the industry.
Meanwhile, Solana led the altcoin surge with a 14.28% rally. The scalability-focused cryptocurrency’s renewed momentum has reignited interest, particularly regarding the possibility of a Solana ETF. Analysts predict that if approved, a Solana ETF could debut as early as Q1 2025, potentially pushing SOL’s price to $1,000 and enhancing its prominence in the market.
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