Bitcoin just hit a new all-time high after falling below the $70,000 area in the past week.

Bitcoin has risen 9.2% in the past 24 hours and is trading at $74,550 as of writing. The leading cryptocurrency briefly touched an all-time high of $75,011, with a market capitalization of $1.48 trillion.

The asset's previous high of $73,750 was set in March.

BTC price | Source: crypto.news

Currently, Bitcoin dominates 59.4% of the broader cryptocurrency market.

One of the main reasons for the rise in Bitcoin's price is the ongoing US presidential election, which currently favors Republican candidate Donald Trump.

According to data from the decentralized prediction platform Polymarket, Trump's probability of winning reached 96.5%, while Vice President Kamala Harris's probability of winning dropped to 3.4%.

Old wallets are given a new lease of life

According to data provided by Santiment, BTC's five-year dormant circulation has risen from 467 BTC to 688 BTC in the past 24 hours.

Dormant BTC circulation | Source: Santiment

The number of wallets that have held Bitcoin for more than three years has also surged from 1,199 BTC to 2,235 BTC in the past day, according to data from Santiment.

When an asset reaches a new ATH, profit take-back for long- and short-term holders will be treated as a natural phenomenon. This could lead to a quick price correction and then gain upward momentum again.

The sharp rise in the price of Bitcoin has triggered a bull run across the market. According to CoinGecko, the global cryptocurrency market capitalization has grown 6.2% in the past 24 hours to reach $2.57 trillion — investors invested $193 billion into the cryptocurrency market during the election rush.