The cryptocurrency market ignited into a frenzy over the past 24 hours, with the total market capitalization skyrocketing by more than 5% to a staggering $2.51 trillion on Wednesday, November 6, during the early Asian trading session. Leading the surge, Bitcoin (BTC) jumped over 6.9% to hit a new all-time high (ATH) above $74,500 at the time of writing.
Dogecoin (DOGE), the meme-inspired coin supported by tech billionaire Elon Musk, saw the largest gains among top-tier altcoins. Recent market data shows Dogecoin’s price spiked over 16% in the last 24 hours, reaching 19 cents in the early Asian session on Wednesday.
Amid the rally, the crypto market faced a surge in volatility, leading to liquidations of over $258 million in leveraged positions, mainly affecting short traders. This increased volatility highlights the risks tied to leveraged trading as market movements intensify.
The crypto market’s momentum may be influenced by the initial results of the 2024 U.S. presidential election. Early counts show Republican candidate Donald Trump taking an early lead, including in critical swing states, stirring speculation and heightened trading activity.
On prediction platform Polymarket, Trump’s odds of winning the presidency have surged to nearly 80%, reflecting market expectations. However, crypto critic Peter Schiff has cautioned traders about possible short-term instability, warning that economic risks could still loom.
“The dollar is rising, while bonds and gold are selling off. Of the three, only bond traders have it right, but for the wrong reason. Harris would’ve been worse than Trump, but the real crash hasn’t been averted,” Schiff noted.
Bitcoin’s rally above $73,000 over the past two months has generated excitement for an “altseason”—a period where altcoins significantly outperform Bitcoin. According to noted crypto analyst Ali Martinez, this bullish phase for altcoins could emerge within the next eight weeks as Bitcoin’s market dominance begins to shift.
Meanwhile, institutional investors have continued to watch from the sidelines, as shown by the third day of cash outflows from the US spot BTC ETFs.
What will the next 24 hours bring for the crypto market? Only time will tell. Stay tuned.
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