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Writer's picturemeowdini
Nov 72 min read

Is Altcoin Season Here? Bitcoin Dominance Drops as Trump Election Win Drives Record Highs

Bitcoin hits $75K as Trump takes the lead in U.S. elections, sparking interest in altcoins. Is this the beginning of Altcoin Season? Find out more.

Bitcoin surged to an all-time high of $75,000 as early U.S. election results indicated a Trump lead, stirring excitement across the crypto market. Alongside this price spike, Bitcoin's dominance has dropped over 2%, signaling a potential shift toward altcoins. This combination of events has traders wondering if a new Altcoin Season—where smaller cryptocurrencies outperform Bitcoin—is just beginning. Here, we explore what Altcoin Season entails, the significance of Bitcoin dominance, and what investors can expect next.



Image showing Bitcoin and altcoins with a U.S. Capitol backdrop, symbolizing the impact of election results, rising crypto values, and tech market shifts.
Crypto, Elections, and Big Moves: Bitcoin Rallies as Market Sees Altcoin Surge, Government Reforms, and Major Tech Valuations.

  1. Key points:


    • Ethereum and Solana Price Surges:

      • Ethereum surpassed the $2860 mark, reaching 2861.09 USDT for an 11.34% 24-hour increase. This uptick marks Ethereum’s highest since August, with investors closely watching for continued bullish momentum.

      • Solana saw a 4.98% rise, trading at 190.05 USDT, capturing market attention amid ongoing volatility in the crypto space.


    • AI Valuations Soar:

      • AI startup Anysphere, which created the AI coding assistant Cursor, received investment offers that value it at approximately $2.5 billion—a 6x increase in just four months.

      • Similarly, HR provider Mercor, connected with OpenAI, is raising funds to reach a $2 billion valuation, underscoring significant growth interest in AI-related ventures.


    • Elon Musk on U.S. Government Reforms:

      • Musk commented on the need for U.S. government reforms on X, advocating for reduced bureaucracy and a cutback on deficit spending, a sentiment that resonates with others calling for fiscal responsibility.


    • Kenya’s Tax Collection from Crypto Traders:

      • Kenya collected $77.5 million in taxes from cryptocurrency traders in the fiscal year 2023-24, aiming to increase revenue to over $465 million by enhancing real-time tax systems integrated with crypto exchanges.


    • Growing Interest in VanEck HODL:

      • Investment product VanEck HODL reported a net inflow of $17.2 million, indicating rising confidence and interest from investors.


    • Elon Musk’s Net Worth Rises:

      • Musk's net worth surged by $20.9 billion, reaching $285.6 billion. This rise solidifies his position among the wealthiest individuals globally, influenced by business performance and market conditions.


    • OpenAI’s Rebranding to Chat.com:

      • OpenAI CEO Sam Altman announced a new domain for ChatGPT at chat.com, streamlining the user experience for easier access and brand identity.


    • Bitcoin Dominance Drops – Altcoin Season?:

      • Bitcoin dominance fell over 2% amid Trump’s election lead, sparking excitement for Altcoin Season, where smaller cryptocurrencies tend to outperform Bitcoin. Investors are diversifying into altcoins, and analysts speculate this may continue as the crypto market trends evolve.



With Bitcoin’s recent highs and a dip in Bitcoin dominance, the stage may be set for a full-fledged Altcoin Season. Investors are branching out from Bitcoin, eyeing smaller cryptocurrencies for potentially higher returns as the market absorbs U.S. election outcomes. If current trends continue, we may witness a sustained shift toward altcoins in the weeks ahead, with each new development in the political and economic landscape driving fresh opportunities across the digital asset space.


Related: Binance

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