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Bitcoin has just achieved a new all-time high, surging past the $70,000 mark after a week of trading below that level. At the time of writing, Bitcoin (BTC) is up 9.2% in the last 24 hours, reaching a price of $74,550. The cryptocurrency briefly touched a new all-time high (ATH) of $75,011, pushing its market capitalization to $1.48 trillion. This surpasses its previous ATH of $73,750, which was reached in March of this year.
Bitcoin’s dominance in the broader crypto market currently stands at 59.4%, solidifying its position as the market leader.
A key driver behind this rally is the ongoing U.S. presidential election, with Republican candidate Donald Trump gaining significant momentum. According to data from decentralized prediction platform Polymarket, Trump’s odds of winning have surged to 96.5%, while Vice President Kamala Harris’ chances have sharply dropped to 3.4%. This political shift is likely influencing investor sentiment, driving demand for Bitcoin as a store of value during uncertain times.
Old Bitcoin Wallets Reactivate as Price Hits New ATH
As Bitcoin’s price reaches a new all-time high (ATH), a surge in the activity of long-dormant wallets has been observed. Data from Santiment reveals that five-year dormant Bitcoin circulation increased from 467 BTC to 688 BTC over the past 24 hours, indicating that long-term holders are moving their coins. Additionally, wallets holding Bitcoin for over three years saw a significant rise, from 1,199 BTC to 2,235 BTC, suggesting that more seasoned holders are starting to re-enter the market.
This movement of old coins typically signals a potential period of profit-taking, as both long-term and short-term holders may look to capitalize on Bitcoin’s ATH. Such sell-offs could lead to a brief price correction, though Bitcoin’s strong momentum suggests a potential rebound as it gains further upward traction.
Bitcoin’s remarkable price surge has contributed to a broader market-wide bull run. According to CoinGecko, the total global crypto market capitalization has risen by 6.2% in the past 24 hours, hitting $2.57 trillion. This reflects a $193 billion influx of capital into the cryptocurrency market, driven in part by the ongoing U.S. presidential election, which continues to fuel investor optimism around Bitcoin and other digital assets.
