The price of BTC reached new highs several times over the past two days, driven by positive macroeconomic factors and optimistic market sentiment.
BTC surged to new peaks at least three times over the past two days. As of 12:30 a.m. (GMT+2), a new all-time high (ATH) was recorded at $76,872, according to CoinGecko. The current price of BTC is hovering around $76,000.
A key factor influencing the optimism of crypto market participants is the elections held in the United States two days ago. Fox Business reports that over 250 pro-crypto candidates won seats in the U.S. Congress. Moreover, a Republican majority in both chambers will allow newly elected President Donald Trump to implement his program of comprehensive support for the crypto market.
Another important macroeconomic factor that influenced BTC’s growth was the Fed’s decision to lower the key interest rate by 25 bps, bringing it to 4.5–4.75% per annum. During the subsequent press conference, Federal Reserve Chair Jerome Powell didn’t rule out the possibility of further rate cuts.
In light of these developments, the total capitalization of the crypto market grew by almost $240 billion over the past two days, reflecting overall optimistic market sentiment. This optimism is also evidenced by open interest (OI) in Bitcoin, which reached an ATH of $46.6 billion on November 8 and continues to climb, according to CoinGlass.
This recent ATH comes just two days after Bitcoin first set a new record high in eight months, coinciding with the release of the initial U.S. presidential election results.
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