Bitcoin hit a new high of $75,000 during early Asian trading on Wednesday, November 6, according to Tradingview.

The price increase came as the US election votes were being counted, with Donald Trump extending his lead over Kamala Harris at press time.

BTC was also trading at a record high on CoinGecko, but the total price was lower than the press time of $74,500.

Most Altcoins Rising

The total market capitalization hit $2.57 trillion on Wednesday morning, its highest since late July, driven primarily by Bitcoin’s new high.

What’s more, BTC wasn’t the only digital asset making big moves at the moment. Dogecoin (DOGE) jumped 30% on the day, topping $0.21 for the first time since late March.

Other notable stocks include Solana (SOL), which is up 14% to $184 at press time.

Avalanche (AVAX), Chainlink (LINK), Sui (SUI), and Near Protocol (NEAR) have also outperformed the broader markets, posting double-digit gains on the day at press time.

Trump’s MAGA (TRUMP) memecoin is also up 28% as the president himself extends his lead.

However, Ethereum is up just 6% and is once again lagging its crypto peers, failing to break resistance at $2,600 or even reach its October highs.

Other altcoins that have lagged include Binance Coin (BNB), XRP, and Toncoin (TON), which have all failed to rise 5%.

However, “the real winner today is crypto,” according to crypto analysts.

Bitcoin’s short-term rally correlates with the likelihood of a Trump victory, and it could rise if that’s the case. However, it’s likely to see a sharp pullback if Harris wins.

Former President Barack Obama warned that it could take days to count all the ballots. “In 2020, it took days to count every ballot, and it’s very likely that we won’t know the outcome tonight,” he said.

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