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Bitcoin just reached a new all-time high after struggling below the $70,000 zone over the past week. 
Bitcoin (<a href="https://crypto.news/price/bitcoin/" target="_blank">BTC</a>) 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.&nbsp; 
The asset’s previous ATH of $73,750 was marked in March. 
<figure class="wp-block-image size-full">
 <img loading="lazy" decoding="async" width="1162" height="681" src="https://crypto.news/app/uploads/2024/11/BTCUSDT_2024-11-06_09-58-44.png" alt="Bitcoin reaches $75k, marking new ATH on the heels of US election - 14" class="wp-image-14308412">
 <figcaption class="wp-element-caption">
 BTC price | Source: <a href="https://crypto.news/price/bitcoin/" target="_blank">crypto.news</a>
 </figcaption>
</figure> 
Currently, Bitcoin has a 59.4% dominance over the broader crypto market.&nbsp; 
One of the main reasons behind the BTC price rally is the ongoing U.S. <a href="https://crypto.news/live/us-elections-crypto/" target="_blank">presidential elections</a>, currently <a href="https://www.nbcnews.com/politics/2024-elections/president-results" target="_blank" rel="nofollow">favoring</a> the Republican runner, Donald Trump.&nbsp; 
According to <a href="https://polymarket.com/event/presidential-election-winner-2024/will-donald-trump-win-the-2024-us-presidential-election?tid=1721228789332" target="_blank" rel="nofollow">data</a> 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%.&nbsp; 
 You might also like: <a rel="" href="https://crypto.news/xrp-price-rises-as-analyst-sees-a-big-ripple-bull-run-ahead/"> XRP price rises as analyst sees a big Ripple bull run ahead </a> 
<h2 class="wp-block-heading" id="old-wallets-coming-to-life">Old wallets coming to life</h2> 
According to data provided by Santiment, the BTC five-year dormant circulation rose from 467 BTC to 688 BTC over the past 24 hours.&nbsp; 
<figure class="wp-block-image size-full is-resized">
 <img loading="lazy" decoding="async" width="3840" height="1300" src="https://crypto.news/app/uploads/2024/11/Bitcoin-BTC-09.55.00-06-Nov-2024.png" alt="Bitcoin reaches $75k, marking new ATH on the heels of US election - 15" class="wp-image-14308413" style="width: 100%;height:auto">
 <figcaption class="wp-element-caption">
 Dormant BTC circulation | Source: <a href="https://app.santiment.net/charts/XnKYwqMD__sCl" target="_blank" rel="nofollow">Santiment</a>
 </figcaption>
</figure> 
Wallets holding <a href="https://crypto.news/traders-could-push-bitcoin-to-80k-in-us-election/" target="_blank">Bitcoin</a> for over three years also surged from 1,199 BTC to 2,235 BTC in the past day, per Santiment data.&nbsp; 
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 <a href="https://crypto.news/usdt-usdc-exchange-inflows-surge-hinting-potential-buying-zone/" target="_blank">triggered</a> a market-wide bull run. According to <a href="https://www.coingecko.com/en/global-charts" target="_blank" rel="nofollow">data</a> 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. 
 Read more: <a rel="" href="https://crypto.news/bitcoin-based-exsat-network-launches-staking-services/"> Bitcoin-based exSat Network launches staking services </a>

Bitcoin reaches $75k, marking new ATH on the heels of US election

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