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Bitcoin, Solana Hit New Cycle Highs Against Ether as Trump Edges Closer to U.S. Presidency
Bitcoin dominance approached 61% with Solana dominance also primed to touch record high.
Updated Nov 6, 2024, 11:15 a.m. Published Nov 6, 2024, 10:25 a.m.
- Bitcoin broke all-time highs on Donald Trump winning the U.S. presidential election.
- Solana continues to outperform ether, making a new cycle high.
- The total cryptocurrency market cap hit $2.45 trillion, the most since June.
Bitcoin surged to an all-time high above $75,000 as Republican Donald Trump looked set to clinch the U.S. presidency. It was recently trading around $74,000 on major crypto exchanges.
The election result was the news bitcoin needed to break through March's record, and the U.S. market's opening could propel the largest token by market cap to even greater heights.
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Crypto was one of the biggest winning industries on the Trump triumph, with total market capitalization hitting $2.45 trillion, the highest since June, according to theTradingView metric TOTAL.
ETH/BTC ratio slumps
The widely watched ratio tracking the relative price strength of ether against bitcoin dropped to its lowest level since April 2021, suggesting a fallout in investor demand for the world’s second-largest token.
The ether-bitcoin trading pair fell under 0.035 early Wednesday, extending year-to-datelosses to more than 34%. Although colloquially called a ratio, ETH/BTC is simply the trading pair of ether against bitcoin on crypto exchanges, which attracts hundreds of millions in daily volumes.
An increase indicates that ether is outperforming bitcoin and vice versa. When the price rises, traders consider a preference for ETH beneficial for riskier assets and Ethereum ecosystem bets. A slide indicates a preference for Bitcoin and blockchains other than Ethereum.
Over the past five years, the ratio has risen from 0.02 to a peak of above 0.08 in early 2022, meaning ETH quadrupled in value relative to BTC at the time. Since then, it's been on decline. Even as BTC set a lifetime high, ether has yet to break through its high from 2021 and is down 46% from its peak.
Year-to-date, bitcoin has returned over 75% to investors, while ether holders have gained just over 14%, according to MarketWatch data.
In addition, bitcoin's market cap approached $1.5 trillion at the high and continues to widen and outperform ether. The spread between bitcoin and ether's market cap hit a new high of $1.16 trillion, which coincided with the ETH/BTC ratio continuing to make new lows.
Solana's another big winner
Solana also flexed its muscles against ether. The token is up 10% in the past 24 hours, and also made new cycle highs against ether at 0.072. The Solana market cap dominance approached 3.70%, though it has yet to break into new all-time highs.
Profit-taking continues
Bitcoin has been climbing higher throughout September, October and into November. CoinDesk research has observed a lot ofprofit-taking over the past month. As bitcoin made new all-time highs, CoinDesk observed a notable amount of profit-taking, $1.5 billion worth, which coincided with bitcoin's slight pullback from all-time highs.
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