Bitcoin (BTC) trades above $78,000 on Wednesday as risk-on sentiment improves in the broader cryptocurrency market. Ethereum (ETH) mirrors BTC’s recovery outlook, hovering above $2,300. Ripple (XRP) similarly exchanges hands above $1.28, marking two consecutive days of gains.

US midterm elections boost crypto recovery

The broader recovery comes amid United States (US) midterm elections, with Democrats clinching victory after victory and moving toward control of the House. According to an NBC News report, the party has significantly outperformed its 2024 margins, poking hard into Republican turf.

The midterm results are weighing on the US Dollar Index (DXY), down 0.45% on the day and trading at 101.41. This decline aligns with a six-month…