Chain News Daily Official TheBitTimes.com

In what has been a monumental show of strength for the leading crypto, Bitcoin (BTC) has officially climbed above $85,000 while setting a new all-time high. The token has continually outperformed landmark records that it began setting in March in what is one of its most impressive bull runs of all time. Yet, many are asking why the asset is up more than 5% in the last 24 hours. The 2024 presidential election of Donald Trump remains a premiere reason for Bitcoin’s overwhelmingly positive sentiment. Indeed, Trump represents what is the most pro-crypto president-elect in the nation’s history. Therefore, the tide is certainly changing on who is investing in the token and its potential entering the new year. BREAKING: #Bitcoin reaches new all-time high of $85,000 pic.twitter.com/6kKMdYVbef — Watcher.Guru (@WatcherGuru) November 11, 2024 Also Read: Bitcoin: Microstrategy’s ROI Hits 100%, Should You Buy MSTR? Bitcoin Keeps Setting Records: Why it Broke an All-Time High Yet Ag...

Avalanche (AVAX) experienced a healthy rally last weekend. The asset is up 1.8% in the daily charts, 5.8% in the 14-day charts, 3.6% over the previous month, and 203.4% since October 2023. Despite the gains, the asset is down 2.6% in the weekly charts. Also Read: US Stocks: GoDaddy Emerges A New Breakout Share: Should You Buy GDDY? Source: CoinGecko Why Is The Cryptocurrency Rallying? The recent rally could be due to Bitcoin (BTC) briefly surpassing the $69,000 mark, which was also the result of BlackRock’s $1.17 billion purchase. Another reason that may have pushed AVAX’s price is the upcoming US Presidential elections. Market analysts anticipate a market-wide rally if Donald Trump takes charge of the Oval Office. Also Read: Bitcoin: BlackRock Buys $1.17 Billion Worth BTC, Price Jumps 7% October has historically been a bullish month for the cryptocurrency market. 2024 seems to follow the same trend, with the market witnessing a healthy rebound after the dip earlier this mon...