Bitcoin Back Above $110K As U.S. Election Approaches

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Bitcoin Inches Closer To All-Time High

On Wednesday, the price of Bitcoin (BTC) returned above $110,000 ($72,100 USD) for the first time in over seven months, nearing its all-time high from March. During this rally, BTC dominance hit 60.1%, its highest level in 3.5 years.

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Record Highs For SOL/ETH & Solana Dominance

Earlier in the week, the price of Solana (SOL) relative to Ethereum (ETH) hit an all-time high of 0.07. This coincided with SOL dominance hitting a record high of 3.7% of total market cap, the latest of several milestones for Solana of late.

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Largest Acquisition In Crypto Industry’s History

Payments company Stripe acquired stablecoin platform Bridge for $1.66B (USD $1.1B), the largest acquisition in the crypto industry to date. The news may help accelerate the adoption of stablecoins, cryptocurrencies designed to maintain a stable value by being pegged to a reserve asset such as the U.S. dollar. Total stablecoin supply is currently slightly below all-time highs of $257.6B ($169B USD), as per Visa’s stablecoin dashboard.

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U.S. Election Under A Week Away

The U.S. presidential election is set for November 5. In recent weeks, Donald Trump (Republican Party) has established a lead over Kamala Harris (Democratic Party), according to the average of various betting odds tracked by RealClearPolitics. The election outcome is expected to have major implications on the outlook for the crypto market.

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