Cryptocurrencies have rallied this week, with Bitcoin hitting a 30-day high amid renewed optimism over a potential Donald Trump presidency. The surge extends beyond Bitcoin, with several altcoins posting double-digit gains.

Bitcoin climbed to a high of $67,442 earlier in the day; the threshold that marked Bitcoin’s highest price point in the last 30 days. Bitcoin was not the only gainer, however. A range of altcoins have also rallied, even outpacing Bitcoin. Solana’s native token, SOL, has jumped 22% this week to trade at $170, while XRP has seen an over 30% increase, reaching a three-month high of $0.6366.

The catalyst behind this market revival has been attributed to the improving electoral chances of pro-crypto candidate Donald Trump. According to prediction markets, Trump’s odds of becoming the next president have risen to 64% on Polymarket, up from 54% on June 4.

In contrast, incumbent President Joe Biden has just a 7% chance of return, as indicated on the prediction site.

Industry insiders believe that the increased likelihood of a Trump presidency is driving the market upswing. Rennick Palley, founding partner at venture capital firm Stratos, shared this sentiment when he remarked:

“The recent pump is due to overall market sentiment improving, and increasing odds that [cryptocurrencies] and its ecosystem tokens won’t be viewed as securities by the Trump admin.”

Trump’s improving electoral prospects can be attributed to several factors, including the recent shooting incident at a rally in Pennsylvania, which has forced the Democrat campaign to reassess its strategy.

Notably, Trump has publicly expressed his desire to be a pro-crypto president, pledging to allow Americans to use Bitcoin as a medium of exchange. His campaign currently accepts crypto donations, with $3 million raised in Q1. More recently, Trump disclosed his intention to launch his fourth NFT collection.