Bitcoin (BTC), the world’s largest cryptocurrency by market capitalization, reached a record high of $75,011 on Wednesday, marking an 8.63% increase in the past 24 hours. According to CoinMarketCap, the digital asset briefly hit this milestone before dipping to $73,803 by 11:40 pm (GMT+1). This surge surpasses Bitcoin’s previous all-time high of $71,195 recorded on March 11.

The cryptocurrency market as a whole experienced significant growth, with the global market cap climbing to $2.45 trillion—an increase of over $190 billion in a single day. Other major cryptocurrencies saw gains as well: Ethereum (ETH) rose by 7.51% to $2,618, Solana (SOL) jumped 14% to $184, and Dogecoin (DOGE) surged by 19%.

The spike in Bitcoin’s value coincided with reports that Donald Trump, the Republican candidate, won the U.S. presidential election by surpassing the 270 electoral college vote threshold. Trump’s support for crypto has been evident since May 2024, when his campaign began accepting donations in Bitcoin, Ethereum, and Dogecoin. Additionally, he recently backed a crypto venture, World Liberty Financial, which aims to raise $300 million through token sales.

Analysts believe that Trump’s pro-crypto stance and the potential for favorable U.S. regulations could be driving renewed investor interest in the market. This development suggests that digital assets could play an increasingly prominent role in the American financial landscape under his leadership.