Bitcoin (BTC-USD) is once again flirting with a new all-time high as investors bet on a boost from the outcome of the Presidential election.

The price of the world’s largest cryptocurrency rose to $73,577 Tuesday, setting it within reach of its previous high of $73,750 as measured by Yahoo Finance data set on March 13 of this year. It is currently trading below $72,000.

Bitcoin is up more than 8% over the last five days. Year to date, its price had climbed over 70%.

The two biggest factors driving the blistering rally are seasonality (the second half of October is usually bitcoin's best-performing period) and the US election, according to Sean Farrell, a digital asset strategist with Fundstrat.

Investors are "voting with their buy orders," Farrell told Yahoo Finance.

Much is riding on a victory by Republican presidential candidate Donald Trump, who made a number of promises to the industry back in July.

He promised to appoint a crypto Presidential Advisory Council, fire Securities and Exchange Commission chair Gary Gensler, one of the industry’s greatest antagonists, and establish a "strategic national bitcoin stockpile” with the help of Congress.

The Democratic nominee, Kamala Harris, has promised to create a regulatory framework for cryptocurrency and other digital assets as part of an outreach to Black men. Roughly 20% of Black Americans are estimated to own or have owned digital assets.

"There's no doubt that if Trump were to win the White House, it would be enormously constructive for digital assets," said Funstrat’s Farrell. "If Harris were to win, I do think we would see a pretty strong wick lower initially," he added.

The difference "between a Harris win and a Trump win would be significant," added Ian Katz, a managing director at Capital Alpha Partners.

Many in the industry expect a more favorable regulatory regime in store for crypto in 2025, regardless who wins.

"It is a Trump premium as opposed to Harris discount, and a big reason for that is the Senate is likely to shift red," Farrell said.

Crypto corporations have poured $160 million into federal elections to elect more industry-friendly politicians as of October 22, according to a Politico report.

And the industry's largest exchange, Coinbase Global (COIN), is also one of its largest political donors.

The company has a lot riding on the outcome of the election. For one, it is facing an expensive legal battle with the SEC over whether some of the cryptocurrencies that trade on its platform are securities.