Bitcoin and Solana Surge as Trump Nears Presidential Win

• Bitcoin surged to an all-time high following Donald Trump's potential victory in the U.S. presidential election.

• Solana has been outperforming ether, achieving a new cycle high.

• The total cryptocurrency market capitalization rose to $2.45 trillion, marking its highest level since June.

Bitcoin Soars on Election News

Bitcoin (BTC) skyrocketed to over $75,000 as Republican Donald Trump appeared poised to win the U.S. presidency. The cryptocurrency was trading around $74,000 on major exchanges. The election outcome provided the momentum bitcoin needed to surpass its previous record from March, with the U.S. market opening potentially pushing the leading cryptocurrency to even higher levels.

The cryptocurrency sector emerged as one of the biggest beneficiaries of Trump's electoral success, with total market capitalization hitting $2.45 trillion, the highest since June, according to TradingView metrics.

ETH/BTC Ratio Declines

The ETH/BTC ratio, which measures the price strength of ether (ETH) relative to bitcoin, fell to its lowest point since April 2021. This decline indicates a decrease in investor demand for ether, as the trading pair dropped below 0.035 early Wednesday, extending year-to-date losses to over 34%.

While the ratio is commonly referred to as a metric, it simply represents the trading pair's performance on crypto exchanges, which see hundreds of millions in daily volume. A rising ratio suggests ether is outperforming bitcoin, while a decline indicates a preference for bitcoin.

Over the last five years, the ratio has fluctuated from 0.02 to a peak above 0.08 in early 2022, indicating that ether quadrupled in value compared to bitcoin at that time. However, despite bitcoin reaching new heights, ether has not surpassed its 2021 peak and is down 46% from that level.

Year-to-date, bitcoin has provided investors with a return of over 75%, while ether holders have seen gains of just over 14%, according to MarketWatch data.

Additionally, bitcoin's market capitalization approached $1.5 trillion at its peak, continuing to widen its lead over ether. The gap between their market caps reached a new high of $1.16 trillion, coinciding with the declining ETH/BTC ratio.

Solana's Strong Performance

Solana (SOL) also showcased impressive performance against ether, rising 10% in the last 24 hours and achieving new cycle highs against ether at 0.072. The market cap dominance of Solana approached 3.70%, although it has yet to reach new all-time highs.

Ongoing Profit-Taking

Bitcoin has been on an upward trajectory throughout September, October, and into November. CoinDesk research has noted significant profit-taking activities over the past month, with $1.5 billion worth of profit-taking coinciding with bitcoin's slight pullback from its all-time highs.

The cryptocurrency market is experiencing notable fluctuations as political events unfold, particularly with the implications of Trump's potential presidency. Investors are closely monitoring the performance of bitcoin, ether, and Solana as they navigate this dynamic landscape.