Bitcoin Hits New All-Time High of $76,400 as SOL Overtakes Binance Coin in Market Value

In a major win for cryptocurrency, Bitcoin surged to a record high of $76,400, while Solana’s SOL overtook Binance Coin (BNB) in terms of market value. This comes after cryptocurrency investors injected over $200 billion into various digital assets following Donald Trump’s victory in the U.S. elections.

Crypto Market Sees $200 Billion Surge in 24 Hours

Over the last 24 hours, the total value of all cryptocurrencies shot up by more than $200 billion. Major digital currencies have benefited from this influx of capital, with Bitcoin leading the charge and hitting a new all-time high of $76,400. The overall crypto market now has a combined value of $2.652 trillion, according to CoinGecko. Bitcoin alone holds a significant portion of this, with a market cap of $1.4 trillion. Over the past seven days, Bitcoin has gained 3.42%, and it continues to dominate the crypto market with a 57% market share.

U.S. Elections Trigger Bitcoin Rally and Altcoin Gains

Bitcoin’s latest spike can be attributed to the results of the recent U.S. elections, where Donald Trump beat Kamala Harris to become President once again. As election results were being finalized, data from Polymarket showed that Trump had a 99% chance of winning.

Altcoins have also seen impressive gains since the election results were announced. Solana’s SOL coin has now overtaken Binance Coin (BNB) to become the fourth largest cryptocurrency by market cap, trailing only behind Bitcoin, Ethereum, and Tether. According to CoinMarketCap, Solana’s total market value now stands at $88.7 billion.

Memecoins like Dogecoin have also seen a surge in value. Dogecoin is particularly benefiting from its association with Elon Musk, a strong supporter of Donald Trump. Musk’s influence on memecoins continues to drive attention to Dogecoin, which has gone up by 12% in the last seven days despite dipping slightly by 7% in the last 24 hours. AI-powered crypto projects are also attracting fresh interest from retail investors.

Trump’s Promises for a Pro-Crypto Administration

The mood in the crypto community is overwhelmingly positive, with many investors hopeful about what Trump’s administration might mean for the future of cryptocurrency. During his campaign and various events such as the Bitcoin Conference 2024, Trump made several pro-crypto promises.

Trump assured that his government would not sell off any Bitcoin held by the U.S. He also vowed not to support the development of a central bank digital currency (CBDC). Furthermore, Trump promised that crypto innovation would remain U.S.-based and not shift overseas.

Additionally, Trump pledged to remove SEC chair Gary Gensler and work toward freeing Ross Ulbricht, who is currently serving two life sentences for running an illegal marketplace. Perhaps most importantly for everyday crypto users, Trump said he would uphold the right to self-custody for all 50 million crypto investors in the U.S., ensuring people could maintain control over their digital assets.

With these promises on the table, many believe that Trump’s second term could be a game-changer for the crypto industry in America.