Investing.com – Bitcoin’s price stabilized near recent highs on Thursday as Donald Trump’s victory in the 2024 presidential election sparked a surge in cryptocurrency prices on the prospect of friendlier cryptocurrency regulations.
However, while Bitcoin’s rally has waned, other major altcoins have added to their recent gains given that they are still trading at a significant discount from their 2021 record highs.
by 00:19 ET (05:19 GMT) stabilized at $74,794.7. The world’s largest cryptocurrency rose to a record high of $76,401.4 on Wednesday.
Trump’s election triggers a Bitcoin rally
Bitcoin’s gains came as Trump overtook Kamala Harris in early vote counting before he was declared president-elect on Wednesday.
Trump has laid out a largely pro-crypto stance, promising to introduce cordial regulations if elected while potentially giving Bitcoin more credibility as an investment tool.
As a result, Bitcoin has surged, surpassing record highs last seen in March 2024. Prices of broader cryptocurrencies have also surged, while cryptocurrency stocks such as Global coinbase Inc (NASDAQ:) and Marathon Digital Holdings Inc (NASDAQ:) posted forceful gains.
Trump’s quick victory also helped to dispel a major point of uncertainty in markets, triggering a surge in risk-based asset prices. On Wednesday, US stock indices reached record levels.
However, that rally appeared to be cooling now as attention turned to the conclusions of Wednesday’s Federal Reserve meeting. The central bank is widely expected to cut interest rates by 25 basis points.
Ahead of the Fed meeting, the dollar stabilized at four-month highs, also holding back further gains in risk assets.
Traders have been anxious waiting for any signs of future rate cuts from the Fed, especially in the wake of Trump’s presidency and recent inflation stickiness.
Cryptocurrency Price Today: Altcoins Boost Profits
While Bitcoin’s rally faded, major altcoins posted extended gains as investors bet on a bull run similar to that seen in 2021.
The world’s No. 2 cryptocurrency rose almost 10% to a three-month high of $2,848.60.
and rose in the range of 1.8% to 7%, after cooling off from forceful gains in recent sessions and falling by 5.8%.
Most major altcoins continued to trade at significant discounts, hitting record highs in 2021, while lagging significantly behind Bitcoin over the past three years.
