Bitcoin hit a record high of $76,800, propelled by Donald Trump's reelection and favorable monetary policies from the US Federal Reserve. The Fed's second consecutive interest rate cut has created bullish sentiment in the cryptocurrency market.
The Federal Reserve decided to cut its benchmark lending rate by 25 basis points, sparking positive reactions in both stock and crypto markets. Continued rate cuts are anticipated to drive prices higher in the future.
After the US presidential election, positive trends for Bitcoin and Ethereum emerged, with Bitcoin surpassing its previous all-time high and experiencing high trading volumes.
Nansen's Principal Research Analyst highlighted the rally's momentum, driven by renewed confidence following the election. A Republican victory in the House may further amplify this trend.
Ethereum is also benefiting from increased interest in decentralized finance (DeFi) and significant net inflows into exchange-traded funds. The ETH/BTC price ratio is rising, indicating a strong investor interest.
Both Bitcoin and Ethereum have experienced substantial price gains in the post-election period, highlighting the market's optimistic outlook for cryptocurrencies.
