**UPDATE: Nov. 6, 2024, 5:38 a.m. UTC**
*Donald Trump has been confirmed as the 47th president of the United States, as reported by the Associated Press at 05:37 a.m. ET. This article has been revised to include this information.*
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It’s official: Bitcoin has achieved a record-breaking high.
The leading cryptocurrency in the world surged to $75,358 early Wednesday, as per data from [CoinGecko](https://www.coingecko.com/en/coins/bitcoin), exceeding its former peak of $73,097 recorded in March.
Though the downtime may not seem lengthy to crypto advocates, Bitcoin has been experiencing a volatile downward trend since its March summit, only to rebound as the U.S. presidential election approached. Currently, Bitcoin’s total market capitalization (the aggregate value of all coins in circulation) is estimated at around $1.5 trillion.
However, Bitcoin’s value slightly fell after Donald Trump announced his victory during a speech following his win in Pennsylvania, a vital battleground state. As things stand, Bitcoin is being traded at $73,923.
Trump has officially secured his position as the 47th president of the United States, [according to the Associated Press](https://apnews.com/projects/election-results-2024/), accumulating 277 electoral votes compared to the 224 votes for Democratic contender Kamala Harris (at the time of writing). The Republican Party also appears set to gain control of both the House and the Senate, diminishing political uncertainties that typically provoke market fluctuations. U.S. stock markets are reacting favorably, with Tesla (TSLA) rising over 12 percent in premarket trading.
Trump’s campaign has addressed cryptocurrencies, especially Bitcoin, in recent months. He has [promised](https://edition.cnn.com/politics/live-news/kamala-harris-trump-election-07-27-24#h_385f60f5752de1771ecf5b4b0a38d04b) to simplify operations for crypto mining businesses in the U.S. and asserted that America would “take the lead” as cryptocurrencies “soar.”
Another significant winner from this election cycle is Dogecoin (DOGE), the meme cryptocurrency that has gained momentum due to Elon Musk, a [firm advocate](https://mashable.com/article/musk-weird-weekend) of Trump’s presidency. Musk, who owns X (previously Twitter), has [contributed millions](https://www.forbes.com/sites/alisondurkee/2024/10/24/elon-musk-donates-another-436-million-to-pro-trump-america-pac/) to Trump’s re-election initiatives, campaigned at his events, and even provided [million-dollar incentives](https://mashable.com/article/elon-musk-election-lottery-1-million-giveaway-lawsuit) to voters in key states. Consequently, [DOGE](https://www.coingecko.com/en/coins/dogecoin) is currently trading at $0.198, reflecting a 17.7 percent increase from the previous day’s value.
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**SEE ALSO:**
[An AI is getting very rich off crypto. It gets weirder.](https://mashable.com/article/ai-crypto-truth-terminal-goat)