Bitcoin (BTC), the world’s leading cryptocurrency, reached a new milestone on Wednesday, surpassing $75,000 for the first time.
The cryptocurrency surged by 8.63 percent in just 24 hours, briefly touching $75,011.06, according to CoinMarketCap, a site that tracks crypto asset prices. However, it later dipped to $73,803 by 11:40pm (GMT+1).
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Bitcoin’s previous all-time high was $71,195, set on March 11. This latest surge contributed to a broader rally in the cryptocurrency market, which saw its global market capitalization rise to $2.45 trillion, marking an increase of over $190.4 billion in the last 24 hours.
Other major cryptocurrencies also saw significant price hikes. Ethereum (ETH) gained 7.51 percent, rising to $2,618, while Solana (SOL) surged by 14 percent, reaching $184. Dogecoin (DOGE) experienced a remarkable 19 percent increase.
The recent bitcoin price surge comes in the wake of reports that former U.S. President Donald Trump, a Republican candidate, won the 2024 U.S. presidential election after securing over 270 electoral college votes. In May 2024, Trump’s campaign revealed that supporters could donate to his election fund using cryptocurrencies, including bitcoin, ether, and dogecoin, indicating that crypto will be a significant issue during the election.
Additionally, last month, Trump began endorsing World Liberty Financial, a crypto venture established by his business associates. According to the Financial Times, the company is raising $300 million by selling its token to qualified investors.
