On November 6, 2025, the cryptocurrency market surged to new heights as Bitcoin broke through the $75,000 threshold—reaching an all-time high amid heightened anticipation surrounding the U.S. presidential election. With investor sentiment shifting rapidly and market dynamics responding in real time, Bitcoin climbed to $74,653.25 at press time—a 7.64% increase on the day and over 9% in the past 24 hours. Ethereum followed closely, trading at $2,597.49 with a 7.17% gain.
This rally wasn’t isolated to spot markets. Hong Kong-listed crypto spot and futures ETFs also experienced significant gains. The Harvest Bitcoin Spot ETF (03439.HK) surged over 9%, while multiple Ether-based ETFs—including CSOP Ether Futures ETF (03068.HK), Harvest Ether Spot ETF (03179.HK), ChinaAMC Ether ETF (03046.HK), and Bosera HashKey Ether ETF (03009.HK)—all rose more than 7%.
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Bitcoin Reenters Global Top 10 by Market Capitalization
In a major milestone for digital assets, Bitcoin’s market capitalization has surpassed Meta (formerly Facebook), reclaiming a spot among the world’s top ten most valuable assets. According to data from 8marketcap, Bitcoin now holds a market cap of approximately **$1.461 trillion**, edging ahead of Meta’s $1.415 trillion valuation.
This marks a symbolic moment for the maturation of cryptocurrencies within the global financial system. Bitcoin now ranks just below Vanguard’s total stock market index ETF, underscoring its growing acceptance as a mainstream store of value.
The resurgence is driven by strong institutional inflows, increasing geopolitical uncertainty, and evolving regulatory expectations—particularly tied to the outcome of the U.S. election.
Trump’s Campaign Fuels Crypto Optimism
Market analysts widely interpret former President Donald Trump’s pro-crypto stance as a powerful bullish signal for the industry. During his campaign, Trump advocated for policies such as including Bitcoin in U.S. strategic reserves and replacing SEC Chair Gary Gensler—moves seen as favorable for decentralized finance innovation.
Zaheer Ebtikar, founder of crypto fund Split Capital, noted that while Bitcoin may remain resilient regardless of election outcomes, altcoins could face disproportionate regulatory pressure under a Harris administration. He stated:
“If Kamala Harris wins, altcoins may not rebound as much. They are the biggest winners or losers of this election.”
This sentiment reflects broader concerns that Democratic leadership might enforce stricter oversight on digital assets beyond Bitcoin and Ethereum—both of which are viewed as more decentralized and thus potentially less vulnerable to crackdowns.
Conversely, Trump’s vocal support—including a widely shared X (formerly Twitter) video declaring his intent to make America the “cryptocurrency capital of the world”—has energized investor confidence.
Jeffrey Ding, Chief Analyst at HashKey Group, emphasized that such policy signals have already influenced capital flows: “Trump’s platform has become a de facto catalyst for market optimism,” he said.
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Miner Output Hits Post-Halving High
Adding to the positive momentum, two major U.S.-based Bitcoin miners reported record production levels following April’s halving event.
- Marathon Digital mined 717 BTC in October—worth roughly $48.8 million.
- Riot Platforms produced 505 BTC, valued at $34.4 million—an increase of 22.6% month-over-month.
These figures indicate that despite reduced block rewards post-halving, mining operations are adapting efficiently, leveraging improved infrastructure and lower energy costs to maintain profitability.
ETF Flows Reflect Shifting Investor Behavior
Despite Bitcoin’s price surge, recent ETF data reveals short-term outflows:
- On November 5, U.S.-listed Bitcoin ETFs saw a net outflow of 5,500 BTC.
- Similarly, Ethereum ETFs lost 13,269 ETH.
However, Bloomberg ETF analyst Eric Balchunas cautioned against interpreting these moves as bearish. He suggested on X that BTC’s rally could be a direct market reaction to election dynamics:
“BTC seems to be a clean indicator because it’s an issue in the election, while stocks and bonds aren’t that relevant today.”
Indeed, Polymarket—a decentralized prediction platform—shows Trump’s odds of winning at 61.8%, with betting odds at 1.57 compared to Harris’s 2.5. Such platforms reflect real-money sentiment and suggest growing confidence in a pro-crypto administration.
Bitcoin Dominance Rises as Altcoins Struggle
Matrixport forecasts that Bitcoin’s market dominance will rise from 50% to 60% by the end of 2025, driven by sustained institutional adoption via ETFs and increased positioning in CME futures markets.
Meanwhile, altcoin performance remains muted. Assets like Dogecoin and Solana have underperformed Bitcoin for most of the year. Declining user activity and ongoing token unlocks have further weighed on smaller projects.
The ETH/BTC market cap ratio has dropped to 24.52%—the lowest since April 2021, down from 32.7% at the start of the year. This decline highlights institutional preference for Bitcoin over other digital assets, particularly through regulated vehicles like spot ETFs.
As Michael Saylor famously stated: “The only choice is the best choice.” Many investors appear to be heeding this advice by reallocating capital toward Bitcoin as a macro hedge.
Regulatory Outlook and Future Outlook
Tether CEO Paolo Ardoino offered a long-term perspective on blockchain saturation:
“Blockchain will almost certainly become a commodity.”
He emphasized Tether’s focus on security and sustainability rather than blockchain-specific bets—positioning USDT as infrastructure rather than speculation.
On the policy front, Hong Kong Financial Secretary Christopher Hui announced that the city has issued 220 billion yuan worth of green government bonds, including tokenized versions. The government is also exploring tax incentives for virtual asset funds and family offices—signaling continued support for Web3 innovation in Asia.
Frequently Asked Questions (FAQ)
Q: Why did Bitcoin surge above $75,000?
A: The surge was fueled by strong investor optimism ahead of the U.S. presidential election, particularly due to Donald Trump’s pro-crypto platform and expectations of favorable regulatory changes.
Q: Is Bitcoin now more valuable than Meta?
A: Yes—Bitcoin’s market cap reached $1.461 trillion, surpassing Meta’s $1.415 trillion and placing it back in the global top 10 most valuable assets.
Q: What does Trump’s potential win mean for crypto?
A: It suggests possible pro-innovation policies, including strategic Bitcoin reserves and leadership changes at the SEC—both viewed as bullish for the industry.
Q: Are altcoins losing relevance?
A: Currently yes—due to regulatory uncertainty and weaker institutional interest compared to Bitcoin. Many investors are rotating into BTC via ETFs.
Q: Why did ETFs see outflows despite rising prices?
A: Short-term profit-taking and tactical rebalancing may explain outflows. However, long-term trends show strong net inflows—over $2.3 billion in the past week alone.
Q: Could disputed election results hurt crypto markets?
A: Yes—analysts warn that delayed or contested results could trigger volatility and risk-off behavior, similar to the 2000 U.S. election.
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Final Thoughts
The confluence of technological maturity, institutional adoption, and political influence is reshaping the cryptocurrency landscape in 2025. Bitcoin’s return to the global top 10 by market cap underscores its evolution from speculative asset to macro financial instrument.
While short-term fluctuations will persist—especially around high-stakes events like elections—the long-term trajectory appears increasingly bullish, particularly under favorable regulatory regimes.
For investors, staying informed and agile is key. As market structures evolve and new opportunities emerge in both spot and derivatives markets, platforms that offer transparency, speed, and security will play a critical role in shaping the next phase of crypto growth.
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