As the US presidential election approaches on November 5, the cryptocurrency market finds itself amid political turmoil, with Bitcoin regaining pace. In an unusual move, a notable whale withdrew $5 million in USDC, presumably wagering on Kamala Harris’ triumph. However, the chances are currently stacked in favor of Donald Trump, who leads in prediction markets with 56.3% of the vote likelihood on Polymarket compared to Harris’ 43.8%.
The worldwide cryptocurrency market capitalization is at $2.25 trillion, down 1.82% in the last 24 hours. Nonetheless, trading activity has increased dramatically, with 24-hour volume up 24.73% to $69.35 billion. The Fear and Greed Index is presently at a neutral score of 53, which reflects the cautiousness among traders.
The previous week was highly exciting for Bitcoin, with spot ETFs posting a significant net inflow of $2.22 billion from October 28 to November 1, the third-largest weekly inflow in U.S. spot Bitcoin ETF history. This interest has enabled Bitcoin’s dominance to increase to 60.63%, confirming its role as a preferred asset despite political stress. At press time, BTC is trading at $68,865.58, up 0.61% from the previous day. The positive improvement is paralleled by a 41.78% increase in intraday trading volumes. Investors are now curious if BTC will claim ATH after the elections.
Curious about Bitcoin’s outlook? Check out our Bitcoin Price Prediction for insights into BTC’s trajectory.
Ethereum has gained 0.75% in the last 24 hours, reaching $2,463.35, as investors continue to support the altcoin. Meanwhile, Solana fell 0.58% to $161.68, while XRP was steady at $0.5046, up 0.02%. These changes reflect mixed market sentiment, as some traders seek to profit from short-term fluctuations.
Explore our Ethereum Price Prediction to see if ETH could hit new highs.
Toncoin is the biggest gainer, up 1.14% to $4.87, followed by Kucoin Token and Sui. Ethena, Popcat, and Thorchain suffered the steepest losses, each plunging by more than 7%.
Subscribe to stay tuned for more on Bitcoin’s journey amid the U.S. elections, where political moves intertwine with market dynamics, creating an electrifying landscape for crypto investors.
Bitcoin price could embark on a bullish run to a new ATH if Trump wins the elections. However, BTC could portray a subtle rally if Harris wins.
We can expect Bitcoin price to hit a new ATH this month, following the bustle of elections settling down.
The elections have instilled uncertainty in the market. However, the interest in crypto assets has been reaching new highs.
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