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U.S. Election Hammers Bitcoin & Altcoins?

Andras Crow-Hreidar by Andras Crow-Hreidar
November 5, 2024
in Crypto, News
Reading Time: 2 mins read
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The cryptocurrency market experienced a slight uptick today, marking a 0.26% increase in the global market cap, which now stands at $2.25 trillion. Meanwhile, 24-hour trading volumes surged by 13.52%, reaching $79.83 billion. As the U.S. election approaches, crypto investors are closely monitoring the Trump-Harris race, which is influencing market sentiment and contributing to volatility. The Fear & Greed Index is at a neutral 50, indicating uncertainty as traders consider the potential implications of the election on cryptocurrency regulations.

Bitcoin Reacts to Election Jitters

Bitcoin’s price saw a modest gain of 1.21% over the past 24 hours, reaching $69,417.3. This early increase was fueled by optimism regarding Donald Trump’s prospects in the election, as he has previously expressed favorable views towards cryptocurrency in his campaign statements. However, recent polls show Trump’s lead narrowing, which has introduced some nervousness into the Bitcoin market. As investors prepare for the election results, Bitcoin’s trading volumes have risen by 16.94% in the last day, reflecting heightened speculation and interest in the cryptocurrency.

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Curious about Bitcoin’s future? Delve into our comprehensive Bitcoin Price Prediction to gain insights into BTC’s potential trajectory.

Altcoins Show Mixed Reactions

Ethereum experienced a modest rise of 0.49%, trading at $2,466.67, while Solana slightly outperformed, posting a 1.39% gain and reaching $165.57. XRP remained relatively stable with a minor 0.08% increase to $0.5103. As both Trump and Harris have committed to establishing regulatory frameworks for cryptocurrency, the altcoin market remains volatile. Market participants are actively seeking clarity on each candidate’s stance on crypto regulation.

Explore our in-depth Ethereum Price Prediction to discover whether ETH could achieve new highs in the coming months.

Top Gainers and Losers: Dogecoin Surges Amid Speculation

Among the top-performing cryptocurrencies, Dogecoin emerged as a leader with a remarkable 9.08% jump to $0.1717. This surge is likely driven by increased speculative trading surrounding the election. Additionally, Mog Coin and Fetch.ai (FET) posted solid gains, rising by 8.56% and 7.86%, respectively. Conversely, Thorchain (RUNE) experienced a decline of 5.70% to $4.64, while Helium (HNT) and Kaia saw drops of 5.38% and 4.78%, respectively, as investors reassessed riskier assets in the current climate of uncertainty.

As election day draws near, the cryptocurrency market remains highly sensitive to political developments. Traders are vigilantly monitoring any policy hints that could reshape the regulatory landscape for cryptocurrencies in the U.S. Stay informed with the latest trends in the industry by subscribing to our updates!

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Andras Crow-Hreidar

Andras Crow-Hreidar

Hi there, my name is András and I'm a business and finance journalist living in Norway. My passion lies in uncovering the latest stories in the world of finance and delivering them to my readers in a way that's clear and engaging. I cover a wide range of topics in the finance world, including cryptocurrencies, which I believe have the potential to transform the way we interact with money and financial systems.As a journalist, I'm committed to providing my readers with accurate and reliable reporting. I believe that access to high-quality information is essential for making informed decisions, whether it's about personal finances or investments. When I'm not writing about finance, I enjoy a variety of hobbies and interests.

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