**U.S. Presidential Election Votes Being Counted, Trump’s Strong Performance Drives Bitcoin Surge to $75,000, Setting a New Record**
In contrast, Ethereum only rose by 6.3%, with its price still 46.8% below its previous high. Meanwhile, the ETH/BTC ratio fell below 0.035, hitting a new low since March 2021.
**(Previous News Summary: Bitcoin Breaks Through $75,200 to Set a New Record High! Surging Over 8.8% in a Single Day, Crushing the Bears)**
**(Background Information: Musk Calls for “Dark MAGA Gathering,” Meme Coin DMAGA Soars 160%, Trump’s Polymarket Winning Probability Surpasses 86%)**
**Table of Contents**
– BTC’s Daily Gain Equal to Entire October’s Gain
– ETH/BTC Hits New Low
– Why Trump Can’t Save ETH
– Analysts Skeptical of ETH/BTC Reversal
The U.S. presidential election votes are being counted today, and as Trump once had a significant lead (with votes double those of Kamala Harris in the morning), the cryptocurrency market responded in advance with a substantial rise.
According to Binance spot market data, Bitcoin briefly reached $75,000 at around 11 a.m., setting a new record high with an accumulated daily increase of 10.48%, equivalent to the entire gain for October (10.76%). As of the publication deadline, it reported at $74,538, up 8.6% in the past 24 hours. Currently, volatility is high, and investors should exercise caution regarding risks.
**BTC Price Trend Chart**
Led by Bitcoin, the cryptocurrency market saw broad increases, with DOGE in particular soaring by 27%. Among other Layer 1 blockchains, SOL stood out, rising by 14.6%, surpassing Bitcoin’s growth; however, Ethereum only increased by 6.3%, trailing behind Bitcoin.
This resulted in the ETH/BTC ratio hitting a new low. According to TradingView data, the ETH/BTC ratio fell below 0.035, reaching a low of 0.03466, marking a new low since March 2021. At the time of writing, the ETH/BTC ratio stood at 0.0348.
ETH’s weak performance in this cycle has sparked market doubts and FUD about its future, mainly revolving around the following two points:
**Lack of Application Advantage**: Compared to infrastructure, the market in this cycle focuses more on specific applications, and the most notable application narratives such as AI and payments are not Ethereum’s strong suits, diminishing its relative appeal.
**L2 Development Benefits Not Returning to Ethereum**: Despite rapid development in the L2 ecosystem, Ethereum has been unable to benefit from L2’s prosperity.
In the context of other cryptocurrencies continuing to rise, if Ethereum’s price remains below $3,000, it will further erode the market position and confidence it has built over the past decade, causing funds to prefer flowing to other projects, creating a vicious cycle that makes it difficult for Ethereum’s price to break through.
Additionally, after the Dencun upgrade, ETH returned to inflation, and the launch of Ethereum spot ETFs failed to attract market funds, significantly undermining investor confidence in Ethereum.
Regarding the continued new lows in the ETH/BTC trend, some investors expect a rebound. However, market analyst Zach Voell believes the currency pair “sees no reversal,” stating:
Cryptocurrency commentator Colin Talks Crypto shares the same view, saying: ETH/BTC will decline further. He expects it to fall to levels of 0.025-0.03.
**?Related Reports?**
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– Key Moments in the U.S. Presidential Election: Trump and Kamala Harris “Battle in Seven Swing States,” When Will the Count Be Announced the Earliest?
– Is Trump Winning? Temporarily Leading Kamala Harris by Nearly Double, Boldly Declares: Winning Pennsylvania Means I Win the Election