Leading cryptocurrencies gave a thumbs up to Donald Trump's presidential victory in anticipation of a friendlier White House.

What Happened: Bitcoin bettered its previous all-time high established in March with a handsome rally that pushed it above $75,000 for the first time.

The apex cryptocurrency's fourth-quarter gains increased to 18.74%, with history showing average returns of 83%.

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Ethereum jumped to levels last seen in late August, while Dogecoin spiked over 8%.

Ethereum also encountered heavy sell-offs, while Dogecoin outperformed the market with over 8% gains in the last 24 hours.

Bearish leveraged traders witnessed a bloodbath, with nearly $400 million in short positions getting wiped out in the last 24 hours.

Bitcoin's Open Interest surged 9.30%, indicating a significant rise in speculative interest. Most top traders on the cryptocurrency exchange Binance leaned toward bullish positions, as the Binance Top Trader Long/Short Ratio was 1.48 as of this writing.

Market sentiment snowballed to "Extreme Greed," as per the Cryptocurrency Fear and Greed Index, raising concerns of a correction.

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Top Gainers (24-Hours)

The global cryptocurrency stood at $2.47 trillion, following an increase of 5.55% in the last 24 hours.

Stocks erupted in a frenzy on Wednesday. The Dow Jones Industrial Average jumped 1,508.05 points, or 3.57%, to a record close at 43,729.93.

The S&P 500 lifted 2.53% to end at 5,929.04, while the tech-focused Nasdaq Composite gained 2.95% to close at 18,983.47. Both of these indexes notched a new record as well.

The benchmarks were helped by a 14.8% rally in the shares of Tesla Inc. (NASDAQ:TSLA), the tech behemoth whose CEO Elon Musk geared up for a potential role in the new Trump administration.