Bitcoin, Solana Hit New Cycle Highs Against Ether as Trump Edges Closer to U.S. Presidency
Bitcoin (BTC) reached an all-time high above $75,000, trading around $74,000 as Donald Trump appeared poised to win the U.S. presidency. The total cryptocurrency market capitalization hit $2.45 trillion, the highest since June. The ether (ETH) to bitcoin (BTC) price ratio fell to its lowest since April 2021, indicating decreased demand for ether, with year-to-date losses exceeding 34%. Bitcoin's market cap approached $1.5 trillion, widening its lead over ether, which is down 46% from its 2021 peak. Year-to-date returns show bitcoin gaining over 75%, while ether holders saw gains of just over 14%. Solana (SOL) rose 10% in 24 hours, reaching new cycle highs against ether. Profit-taking of $1.5 billion was noted as bitcoin approached its all-time highs.
