Bitcoin recently achieved an all-time high of over $75,000 as former President Donald Trump appeared to be on track to win the U.S. presidential election. The cryptocurrency was trading around $74,000 across major exchanges.
The election outcome served as a catalyst for Bitcoin's surge beyond the previous record set in March, and the opening of the U.S. markets could push the biggest cryptocurrency to even higher valuations.

Key Highlights:

• Bitcoin's dominance reached nearly 61%, with Solana also hitting new record levels against Ether.
• The overall cryptocurrency market capitalization surged to $2.45 trillion, marking its highest point since June.

ETH/BTC Ratio Decline

The ETH/BTC ratio, a key indicator for tracking the strength of Ether compared to Bitcoin, has fallen to its lowest level since April 2021, indicating a decrease in demand for Ether.

This downward trend suggests investors are showing a preference for Bitcoin over Ether, a sentiment that's reflected in the continued popularity of Bitcoin as its market cap nearly reached $1.5 trillion, further creating a significant spread of $1.16 trillion with Ether.
Solana, on the other hand, remains a strong performer, gaining 10% over the last 24 hours and also achieving new cycle highs against Ether at 0.072.
The market dominance of Solana approached 3.70%, although it is yet to achieve its all-time highs.
The upward momentum for Bitcoin coincides with notable profit-taking activities, with approximately $1.5 billion withdrawn as it approached its newly established peaks.