As the U.S. presidential election progresses, markets have shown volatility, and cryptocurrency has felt the impact in a big way. With Bitcoin and other top altcoins experiencing significant upticks, expectations have soared, especially with Republican candidate Donald Trump’s rising odds, which many believe could favor crypto-friendly policies. BTC recently reached $74,000, while other tokens, including Dogecoin, have also enjoyed notable gains. Here’s the breakdown.
Bitcoin’s Latest Price Surge
Bitcoin (BTC) jumped nearly 9% over the past 24 hours, reaching a high of $74,366. The day’s low was $68,147.62, with a peak at $75,011.06. BTC’s market cap has climbed to $1.47 trillion, while its market dominance stands strong at 59.60%. Interestingly, this rise occurred despite outflows from spot Bitcoin ETFs, amounting to around $72.67 million.
The significant movement in Bitcoin has stirred interest, illustrating the potential influence of U.S. election outcomes on the crypto market. Investors now wonder if Bitcoin’s role as a “safe haven” asset may grow in the uncertain political landscape.
Ethereum Holding Strong with a 7% Gain
Ethereum (ETH) also performed well, rising close to 7% in the past day and trading at $2,579. The day’s lowest and highest levels were $2,402.50 and $2,631.72, respectively. With a market cap around $310.25 billion, Ethereum has remained stable despite a lack of major movement in spot Ethereum ETFs. Analysts are closely watching whether ETH will maintain its momentum, hinting that a new rally could be on the horizon.
Solana and XRP Also on the Rise
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Solana (SOL) surged 16% over the last 24 hours, now trading at $184. It saw a low of $159.38 and a high of $185. With a market cap of $87.09 billion, Solana’s steady performance points to its resilience within the market.
Meanwhile, XRP recorded a 6% gain, now priced at $0.5312. Its daily range spanned from $0.5048 to $0.5359. Large whale transactions—totaling $814 million—have generated buzz among investors, with speculation on potential price impacts.
Meme Coin Frenzy: Dogecoin and Other Top Gainers
Dogecoin (DOGE) led the meme coin category, rocketing 27% to reach $0.2074. Shiba Inu (SHIB) followed closely, climbing 11%. Other meme coins like PEPE, WIF, and BONK also posted gains of 15-20%. Investors have turned their eyes toward this sector, excited by the potential for high returns.
Among the top performers, Goatseus Maximus (GOAT) surged nearly 50%, reaching $0.7005. Sui (SUI) gained 21%, while dogwifhat (WIF) rose by 20%, showing a strong response across altcoins amid election-driven speculation.
A Few Decliners Amid the Surge
Despite the overall upward trend, a few coins showed slight declines. TRON (TRX) dipped by 0.21%, trading at $0.1621, while Monero (XMR) saw a modest drop of 0.2%, now at $159. These minor losses provide a calmer perspective within an otherwise booming market.
With a renewed focus on cryptocurrency, The Bit Journal will continue to track the latest market trends as the election outcome unfolds, shaping potential long-term effects on the crypto landscape.
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The price predictions and financial analysis presented on this website are for informational purposes only and do not constitute financial, investment, or trading advice. While we strive to provide accurate and up-to-date information, the volatile nature of cryptocurrency markets means that prices can fluctuate significantly and unpredictably.
You should conduct your own research and consult with a qualified financial advisor before making any investment decisions. The Bit Journal does not guarantee the accuracy, completeness, or reliability of any information provided in the price predictions, and we will not be held liable for any losses incurred as a result of relying on this information.
Investing in cryptocurrencies carries risks, including the risk of significant losses. Always invest responsibly and within your means.
