Bitcoin just reached a new all-time high after struggling below the $70,000 zone over the past week.

Bitcoin (BTC) is up 9.2% in the past 24 hours and is trading at $74,550 at the time of writing. The leading cryptocurrency briefly touched an ATH of $75,011 with a market cap of $1.48 trillion. 

The asset’s previous ATH of $73,750 was marked in March.

Currently, Bitcoin has a 59.4% dominance over the broader crypto market. 

One of the main reasons behind the BTC price rally is the ongoing U.S. presidential elections, currently favoring the Republican runner, Donald Trump. 

According to data from the decentralized predictions platform Polymarket, Trump’s odds of winning reached 96.5% while Vice President Kamala Harris saw her chances plunge to 3.4%. 

Old wallets coming to life

According to data provided by Santiment, the BTC five-year dormant circulation rose from 467 BTC to 688 BTC over the past 24 hours. 

Wallets holding Bitcoin for over three years also surged from 1,199 BTC to 2,235 BTC in the past day, per Santiment data. 

When an asset reaches a new ATH, profit-taking from both long-term and short-term holders would be considered natural. This could bring a quick price correction before gaining upward momentum again.

Bitcoin’s price surge has triggered a market-wide bull run. According to data from CoinGecko, the global crypto market capitalization increased by 6.2% in the past 24 hours, reaching $2.57 trillion—investors poured $193 billion into the cryptocurrency market amid the election heat.