Crypto Markets Add Over $200B Overnight as Bitcoin (BTC) Taps New All-Time High

The cryptocurrency market witnessed a remarkable surge, adding over $200 billion in value overnight as Bitcoin reached a new all-time high. This increase in market capitalization is largely attributed to the political climate following the recent U.S. elections, with Donald Trump seemingly on track to return to the presidency.

Bitcoin's New All-Time High

Bitcoin has seen significant fluctuations in its price, recently coming close to its previous all-time high of $73,737 before experiencing a dip below $67,000. However, following the election results, which showed Trump gaining a substantial lead, Bitcoin's price skyrocketed from $69,000 to an impressive $75,358, as reported by CoinGecko. This surge resulted in over $500 million in liquidations for over-leveraged short traders.

Currently, Bitcoin's market cap stands at approximately $1.460 trillion, maintaining a dominance of nearly 57% over alternative cryptocurrencies.

Altcoins Experience a Rally

In addition to Bitcoin's impressive performance, alternative cryptocurrencies have also begun to rally. Solana has emerged as a top performer, surpassing Binance Coin to become the fourth-largest cryptocurrency by market cap, reaching a price of $185.

Dogecoin has also seen significant gains, potentially influenced by Elon Musk's association with Trump, and has risen to $0.20. Other notable gainers include SUI, FET, APT, KAS, AAVE, and various meme coins.

The overall cryptocurrency market capitalization has surged to $2.570 trillion