Bitcoin has reached a new all-time high, surpassing its previous peak from March. The cryptocurrency surged to $74,816, marking an increase of over 9% within 24 hours and doubling in price over the past year. This spike is attributed to heightened market interest leading up to the U.S. elections. The current electoral battle between former President Donald Trump and Vice President Kamala Harris has contributed to the bullish sentiment in the market, as Trump leads in the electoral college. Analysts highlight that Trump's potential re-election could positively influence the digital asset landscape due to his previously expressed support for cryptocurrencies. This recent rally follows the approval of multiple Bitcoin Exchange-Traded Funds (ETFs), enabling traditional investors to easily access Bitcoin, thereby flooding the market with new capital. Overall, the combination of political developments and institutional investment trends has created a favorable environment for Bitcoin's continued ascent.

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