Crypto Price Today (Nov 5th, 2024): U.S. Election Hammers Bitcoin & Altcoins?

The cryptocurrency market edged up slightly today, showing a 0.26% increase in global market cap to $2.25 trillion, while 24-hour trading volumes grew by 13.52% to $79.83 billion. With the U.S. election drawing near, crypto investors have turned their eyes to the Trump-Harris race, influencing market sentiment and stoking volatility. The Fear & Greed Index stands at a neutral 50, signaling uncertainty as traders weigh the potential outcomes of the election on crypto regulation.

Bitcoin Reacts to Election Jitters

Bitcoin’s price gained 1.21% over the past day to reach $69,417.3. Early gains were spurred by optimism surrounding Donald Trump’s chances in the election, as he has expressed pro-crypto intentions in previous campaign statements. However, the latest polls show Trump’s lead narrowing, bringing market skittishness to Bitcoin. As investors brace for the election outcome, Bitcoin’s trading volumes have climbed by 16.94% over the last 24 hours, reflecting increased speculation.

Curious about Bitcoin’s outlook? Check out our Bitcoin Price Prediction for insights into BTC’s trajectory.

Altcoins Show Mixed Reactions

Ethereum saw a modest 0.49% rise, trading at $2,466.67. Solana outperformed slightly, posting a 1.39% gain to hit $165.57, while XRP held steady with a minor 0.08% increase to $0.5103. As both Trump and Harris have pledged regulatory frameworks for crypto, altcoins remain volatile as market participants seek clarity on each candidate’s stance.

Explore our Ethereum Price Prediction to see if ETH could hit new highs.

Top Gainers and Losers: Dogecoin Surges Amid Speculation

Among top-performing cryptocurrencies, Dogecoin led the way with a 9.08% jump to $0.1717, likely driven by heightened speculative trading around the election. Mog Coin and Fetch.ai (FET) also posted solid gains, rising by 8.56% and 7.86%, respectively. 

On the downside, Thorchain (RUNE) dropped 5.70% to $4.64, while Helium (HNT) and Kaia saw declines of 5.38% and 4.78%, respectively, as investors reassessed riskier assets in the current uncertain climate.

As election day looms, the crypto market remains sensitive to political developments, with traders keeping a close watch on any policy hints that could shape crypto’s regulatory landscape in the U.S. 

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