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Bitcoin (BTC) has rocketed by almost 10% in the past 24 hours and has just set a new all-time high of $74,730, as Republican candidate Donald Trump took an early lead in the presidential elections. Analysts expect BTC to push above $75,000 and potentially to $80,000 if Trump is declared the winning candidate. For the moment, BTC is on the verge of moving past $75,000.
Nearly all major cryptocurrencies have reported a drastic increase, buoyed by Trump’s early performance. Ethereum (ETH) briefly surged past $2,600 before declining marginally and is currently up by just over 7%. Meanwhile, Solana (SOL) is up almost 15%, Ripple (XRP) is up just over 5%, and DOGECOIN (DOGE) has surged by an incredible 30% in the past 24 hours. The crypto market cap has registered an increase of almost 10% in the past 24 hours and is currently at $2.43 trillion.
Speaking about the surge in the crypto markets after an early lead for Trump, ChangeNOW CMO Pauline Shangett stated,
“With BTC now flirting with the $75,000 level, we could be looking at a psychological push to $80,000 if this momentum continues. Market sentiment is at a fever pitch, and other assets like SOL and DOGE are riding the wave, reflecting a very high appetite for risk right now. Investors seem eager to position themselves in BTC and ETH, reflecting confidence in both digital assets as hedges against political risk.”
Bitcoin (BTC) Surges Thanks To Early Trump Leads
Bitcoin (BTC) has surged past $74,000 and set a new all-time high when it peaked at $74,730, as the world’s largest cryptocurrency and other major altcoins erupted thanks to early leads for Republican candidate Donald Trump. Trump has positioned himself as a pro-crypto president and has promised to make the US the crypto capital of the world. Crypto-related stocks, including Coinbase and MicroStrategy, rose by 3% and 4% respectively in after-hours trading. Despite the surge, market analysts expect BTC and other cryptocurrencies to be highly volatile until a clear winner is declared.
A victory for Republican candidate Donald Trump is expected to bring a significant jump in price and potentially push BTC past $80,000. On the other hand, a victory for Democratic candidate Kamala Harris could see prices decline, with analysts expecting BTC to drop to $50,000. Ryan Rasmussen, the Head of Research at Bitwise Asset Management, stated,
“The election is having a massive influence on crypto. Expect Bitcoin, and crypto more broadly, to be choppy in the days ahead until we have definitive election results. If Trump wins, I believe we will see new all-time highs. If Harris wins, I expect a decent short-term selloff, with prices taking a month or two to recover. But eventually, either way, I think we go higher.”
How A Trump Or Harris Presidency Could Shape Crypto
The US presidential election has become a focal point for crypto, with its outcome set to shape global crypto regulation and market dynamics. The US is seeing crypto become a mainstream issue for the first time, with Republicans and Democrats needing to clarify their support for crypto and promise clear regulations. Investors are hopeful this would bring much-needed clarity and regulations, attracting even more institutional investors. Speaking about the elections, Mudrex co-founder and CEO Edul Patel stated,
“The US is quite a mature market when compared to others. More than 40 percent of Americans hold crypto in some or the other form. This is pivotal as the nation gears up for elections where crypto takes center stage for the first time. Unlike past elections, both major parties are advocating for clearer, supportive regulations. With a large chunk of the population engaged, establishing regulatory certainty is crucial. Given the US's significant economic influence, its regulatory decisions may shape global crypto policies.”
Historically, US elections have positively impacted the crypto market, and analysts believe this year will be no different. However, analysts are unanimous that markets will see considerable volatility irrespective of who wins the election.
“Market reactions are often swift and volatile in response to perceived election outcomes, and the 2024 race is already showing signs of this trend. If Trump’s pro-crypto rhetoric continues to resonate with voters, it could spark bullish sentiment, with investors anticipating a more favorable regulatory environment for digital assets. On the other hand, a Harris administration that leans toward increased regulation could trigger bearish trends as the market adjusts to the possibility of stricter oversight.”
Bitcoin (BTC) Expected To Surge To New Highs
Irrespective of the result, market analysts expect Bitcoin (BTC) to rise to a new record high. In 2012, 2016, and 2020, BTC saw returns of roughly 87%, 44%, and 145% in the 90 days following the election results. This is because elections happen to be held during Bitcoin halving years when the supply of the cryptocurrency registers a sharp decline. Election results have also tended to align with significant policy shifts by the Federal Reserve, with the current year witnessing a decline in interest rates. However, for the moment, the market is in wait-and-watch mode. James Davies, CEO of Crypto Valley Exchange, summed up the mood of the markets, stating,
“For now, everyone we’ve spoken to is keeping their powder dry. I’ve heard from numerous leading market makers and traders and can say with conviction that almost everyone is set up to react. They don’t know which way the markets will go based on the result. There is likely to be massive short-term volatility whatever the outcome.”
UK Pension Fund Makes BTC Investment
A UK pension fund has made history by becoming the first to add BTC to its portfolio. In a press release, Pension advice firm Cartwright said it recommended a 3% BTC allocation to an unidentified client. Sam Wright, Director of Investment Consulting at Cartwright, said the firm was proud of the groundbreaking move and aware of its significance. He also hoped it would influence other institutional investors in the UK to follow suit.
Bitcoin (BTC) Price Analysis
Bitcoin (BTC) surged to a new all-time high just hours ago, peaking at $75,011 before declining. The world’s largest cryptocurrency surged thanks to an early election day lead for Republican candidate Donald Trump. BTC is currently up by almost 9% and is trading around the $74,500 mark. With the crypto markets surging, analysts expect BTC to set its sights on $80,000 if Trump is declared the winner in one of the closest presidential races in years. The likelihood of a Trump victory also validates the crypto-based betting market Polymarket, which had predicted a Republican victory weeks ago.
As we can see in the price chart, BTC is witnessing an almighty surge during the ongoing session, having smashed its previous all-time high. BTC had been pushing the $73,000 mark since last week when it reached $73,512, teasing a new all-time high. However, buyers lost momentum, and BTC fell back, dropping marginally on Wednesday and then registering a substantial drop of almost 3% on Thursday to drop to $70,307. Buyers attempted a recovery on Friday as BTC rose to an intraday high of $71,632 before losing momentum, allowing sellers to retake control. As a result, BTC dropped by 1.06% to slip below $70,000 and settle at $69,562.
Source: TradingView
The weekend began with a marginal increase on Saturday as buyers made a feeble attempt to push back above $70,000. However, BTC was back in the red on Sunday, dropping 0.97%, falling to an intraday low of 67,625, before settling at $68,909. BTC slipped below the 20-day SMA on Monday, falling by 1.49% and settling at $67,882. Sellers initially dragged the price to an intraday low of $66,832 before losing momentum, allowing buyers to prop up the price. BTC recovered on Tuesday as the broader markets witnessed a recovery on the eve of the elections, rising by 2.32% to push back above the 20-day SMA and settling at $69,458.
With Donald Trump taking an early lead, the current session has seen BTC smash its all-time high, setting a new record of $75,063. However, it has since retreated below $75,000 and is trading around $74,200. Analysts will be keenly watching BTC’s price as voting continues. Despite price volatility, a Trump victory could propel BTC to $80,000. On the other hand, a Harris victory could see BTC drop to $50,000 before rebounding. In both scenarios, analysts expect BTC to rally in the long term.
Ethereum (ETH) Price Analysis
Like BTC, Ethereum (ETH) also registered a substantial increase during the ongoing session, buoyed by favorable numbers for Donald Trump. ETH was quite bearish in the lead-up to the elections and faced considerable volatility at the beginning of the previous week before registering a substantial decline during the latter half. As we can see in the price chart, ETH began the previous week on a positive note, pushing above the 20-day SMA on Monday. By Wednesday, ETH had reached a high of $2,722 despite facing increasing volatility. However, buyers lost momentum at this level and fell back, settling at $2,659
Source: TradingView
Sellers took control on Thursday as ETH dropped by 5.35% to slip below the 20 and 50-day SMAs and settle at $2,516. ETH attempted a recovery on Friday, rising to an intraday high of $2,585. However, it lost momentum after reaching this level and fell back, registering a marginal drop and settling at $2,512. ETH slipped below $2,500 on Saturday after dropping 0.79% and settling at $2,492. Selling pressure intensified on Sunday as the price dropped to an intraday low of $2,410 before recovering and settling at $2,456 after a decline of 1.43%. The current week began with sellers retaining control as ETH slipped below $2,400 after a drop of 2.41% and settled at $2,397.
However, it recovered on Tuesday thanks to strong support at this level and the broader crypto market recovering on the eve of the elections. As a result, ETH surged to an intraday high of $2,480 before dropping back and settling at $2,423, an increase of just over 1%. The current session sees ETH up by almost 7% to go above the 20 and 50-day SMAs and the $2,500. ETH had reached an intraday high of $2,633 but has registered a marginal decline and is currently trading at $2,591. With markets facing increasing volatility as the election results unfold, market watchers believe a Trump victory could propel ETH past $2,700. On the other hand, a Harris victory could see the price slip back towards $2,400 or lower.
Solana (SOL) Price Analysis
Solana (SOL) has surged past $180 to reach a day high of $188, as markets turned bullish following early leads for Republican candidate Donald Trump. SOL had been quite bearish since the middle of the previous week after failing to stay above $180 last Tuesday. As a result of the intense selling pressure at this level, SOL dropped by 2.44% on Wednesday to $174. Sellers remained in control on Thursday as the price slipped below $170 after a drop of 3.67% and settled at $168. Buyers attempted a recovery on Friday as SOL reached an intraday high of $174. However, buyers lost momentum after reaching this level, allowing sellers to take control. As a result, SOL dropped back, falling to $166 after declining 1.66%.
Source: TradingView
The weekend began with SOL experiencing significant volatility on Saturday as buyers and sellers struggled to establish control. SOL fell to an intraday low of $157 on Sunday as sellers took control. However, It recovered from this level to push back above $160 and settle at $162, a drop of just over 2%. Sellers continued to control the market on Monday as SOL slipped below $160 after a fall of 2.81% and settled at $157. However, ETH recovered on Tuesday, rising by 5.59% and settling at $166 as markets recovered. With election results favoring Donald Trump, SOL has surged during the ongoing session and is up over 12% and trading at $186. A potential Trump victory could see SOL surge past $190 and even $200.
Apecoin (APE) Price Analysis
Apecoin (APE) has remained muted despite the crypto markets witnessing a surge thanks to Republican candidate Donald Trump taking a commanding lead in the elections. APE has been trading in a downward trajectory since October 20 and slipped below the 20-day SMA on Thursday after a drop of over 8% as buyers struggled to prevent a drop below $1. APE registered a recovery on Friday, rising to $1.01, but fell back to $1 on Saturday after a fall of 1.49%. Selling pressure intensified on Sunday as APE dropped over 7% and settled at $0.92, but not before it dropped to an intraday low of $0.87. The current week began with sellers retaining control, as APE dropped 1.53% to settle at $0.91.
Source: TradingView
APE recovered on Tuesday, rising over 7% to an intraday high of $1.04 before settling at $0.97 as markets rose on the eve of the elections. The current session sees APE back above $1, trading at $1.02, up just over 5%. Despite the jump during the past couple of sessions, APE remains relatively muted compared to the rest of the markets.
Ripple (XRP) Price Analysis
Ripple (XRP) has recovered after dropping below $0.50 over the weekend when it plummeted to a low of $0.491. XRP was trading downwards since the middle of the previous week after failing to push above the 20-day SMA, which acted as a dynamic resistance level. As a result, it dropped to $0.509 on Thursday after a decline of 2.39%. However, it recovered on Friday as buyers pushed the price to an intraday high of $0.524. XRP lost momentum after reaching this level and dropped back to settle at $0.513, an increase of 0.61%.
Source: TradingView
Bearish sentiment returned over the weekend as XRP fell by 0.53% on Saturday and 1.37% on Sunday to end the weekend at $0.503, with buyers pushing the price back above $0.50 after it hit an intraday low of $0.491. The current week began with XRP surging to a day high of $0.514. However, it lost momentum after reaching this level and fell to $0.503, registering a marginal decline. Markets recovered on Tuesday, and XRP registered an increase of just over 2% and settled at $0.514. The current session sees XRP up almost 5%, moving past the 20 and 200-day SMAs and trading just under $0.54.
Dogecoin (DOGE) Price Analysis
Dogecoin (DOGE) is up a staggering 22% during the current session as the world’s most popular meme coin surges following favorable election trends for Donald Trump. DOGE turned bearish in the middle of the previous week after failing to push above $0.18 on Tuesday. As a result, sellers took over on Wednesday and pushed the price down by 4.55% to $0.167. DOGE continued to decline on Thursday and Friday, dropping 3.75% and 1.49% respectively, to slip below $0.160 and settle at $0.159. DOGE climbed above $0.160 on Saturday after a marginal increase but fell back on Sunday, dropping by 5.50% to $0.151.
Source: TradingView
Thanks to strong support at $0.150 and the 20-day SMA acting as a dynamic level of support, DOGE recovered on Monday, rising by 4.43% to $0.158. Bullish sentiment persisted on Tuesday as DOGE surged past $0.160 and settled at $0.170 after an increase of $0.170. The current session has seen bullish sentiment intensify, with DOGE up over 22% and trading at $0.208. Market experts predict a pullback in the short term. However, the meme coin could surge once again if Donald Trump is declared the winner of the US elections.
Fantom (FTM) Price Analysis
Fantom (FTM) is up almost 18% as it makes a strong recovery after recent declines pushed the price below crucial support levels and moving averages. FTM slipped below the 20-day SMA on Wednesday after a drop of almost 4% to $0.69. Bearish sentiment persisted on Thursday, with the price dropping 5.31% to slip below the 50-day SMA and settling at $0.65. With FTM near a crucial support level, buyers attempted a recovery on Friday as the price rose to an intraday high of $0.66. However, sellers regained control and pushed FTM down by 2.47% to $0.63.\
Source: TradingView
Bearish sentiment intensified over the weekend as FTM registered a drop of 3.38% on Saturday. The price plummeted to an intraday low of $0.56 as it went below the 200-day SMA. However, it recovered from this level to climb back to $0.59, ultimately registering a drop of 3.22%. FTM fell below the 200-day SMA on Monday, registering a fall of almost 9% and settling at $0.54. Despite intense selling pressure, FTM made a strong recovery on Tuesday, rising almost 7% to settle at $0.58. FTM is up nearly 14% during the current session and has pushed back above $0.60 and the 200-day SMA to trade around $0.66, just below the 20 and 50-day SMAs.
Disclaimer: This article is provided for informational purposes only. It is not offered or intended to be used as legal, tax, investment, financial, or other advice.
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