Bitcoin dominance approached 61% with Solana dominance also primed to touch record high.
“There is going to be a media frenzy about Elon and how his aggressively backing Trump and the 'Department of Government Efficiency' narrative could have been a deciding factor for a Trump win,” one trader said.
Buoyed by donations and votes from a digital asset industry he aggressively courted, Trump won a second term to the White House in his third bid for the U.S.'s highest office.
An incoming crypto-friendly Trump administration could make allowing crypto ETFs in the U.S. easier, traders say, boosting SOL’s prices.
As Donald Trump's path toward the White House became clearer, the industry had already scored huge, getting many new allies in Congress and a serious Senate hurdle removed.
Tuesday night's election returns were a shocker if you only watched CNN. But not if you'd looked at the betting all along.
Trump has vowed to impose sweeping tariffs on Mexico and other trading partners.
Part of BTC’s spike could be attributed to a $94 million liquidation of bearish or hedged bets against the asset, Coinglass veri shows, as Trump leads in early voting.
Associated Press has Trump leading the electoral map 101 to 71.
The worst case scenario for risk assets including cryptocurrencies would be a delayed or contested election where the result is unknown for weeks, one observer noted.