US Election Results: Bitcoin hits $75,000, Dogecoin spikes 17% as crypto market sees wave of optimism

With the Donald Trump-led Republican Party securing a thumping majority in the US Presidential Elections, cryptocurrencies have turned out to be a clear winner. Bitcoin (BTC) rose nearly 10 per cent to hit $75,000 during the day, and meme coin Dogecoin surged 17 per cent to hover around $0.1986. Intraday, Elon Musk-backed Dogecoin rose up to 25 per cent.

On Wednesday, Ethereum rose 7.52 per cent to trade at $2,623, Solana spiked 14.61 per cent to trade at $187, and Binance rose 3.55 per cent to trade at $580.50. Also, Ripple (XRP) rose 5.16 per cent, Cardano rose 7.63 per cent and Shiba Inu rose 5.05 per cent.

Interestingly, Donald Trump did a number of things during his campaign to please the crypto industry players. The former US president spoke at a Bitcoin conference, handed out burgers at a crypto bar, and even made statements appealing to the industry, such as assuring that he would sack the chairman of the US Securities and Exchange Commission, Gary Gensler.

India's crypto players upbeat 

This has received a thumbs-up from India's crypto players.

Raj Karkara, COO of ZebPay, says, “Bitcoin reaching a new record high is a groundbreaking milestone that underscores the strength and maturity of the crypto market. As we witness Bitcoin’s resilience and increasing appeal among investors, it reaffirms its position as a mainstream store of value and a powerful tool for those seeking financial autonomy, security, and wealth preservation. This new high signals accelerating demand for digital assets. As adoption continues to grow, Bitcoin’s impact on the global financial ecosystem will deepen, and at ZebPay, we look forward to catering to our customers' needs as they explore the vast potential of digital assets.”

"Bitcoin has hit a new all-time high today above $75,000. The path to $100,000 is now set in this bull cycle. Key altcoins will catch up post Bitcoin's rally and it will coincide with strong retail adoption similar to November 2021. This cycle is also unique in terms of memecoins - DOGE, SHIB, PEPE etc - doing better than other sets of altcoins, though we continue to advise caution for our investors," says Vikram Subburaj, CEO of Giottus.