The cryptocurrency hit $75,361.09 on November 6, according to BitDegree data.
This coincides with early election outcomes, indicating that Donald Trump is taking an initial lead over Kamala Harris in the United States presidential race.
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According to the Associated Press, Trump has secured 267 electoral college votes compared to Harris' 224 as of writing. A minimum of 270 electoral votes is required to clinch the presidency.
Market participants have been optimistic about Bitcoin's potential value increase in the event of a Trump victory. The price movement of Bitcoin seemed to mirror Trump's improving odds on the prediction platform Polymarket - on November 5, as Trump's projected chances of winning rose above 60%, Bitcoin's price rebounded above $70,000.
Despite the record high, expectations among traders suggest that Bitcoin's price will continue to exhibit volatility, which is reflected in the adjustment of market positions. On November 4, there was an unusual occurrence of massive outflows from spot Bitcoin exchange-traded funds (ETFs), totaling $541.1 million.
At the time of publication, Bitcoin is valued at $73,600.83, marking a 7.17% increase over the past 24 hours.
The link between the US elections and Bitcoin's market performance demonstrates the cryptocurrency's sensitivity to macroeconomic and political factors.
In other news, the National Center for Public Policy Research (NCPPR) warned Microsoft that it could get sued if it decides against investing in Bitcoin and the cryptocurrency's value subsequently rises.
