Bitcoin Price Hits All-Time High On Early Election Results
Bitcoin Price Hits All-Time High On Early Election Results
Bitcoin Hits $75,000, More Gains Likely?
Hello Friends!
Today’s crypto market is on fire! Bitcoin just hit $75,000, with altcoins seeing double-digit gains, driven by unexpected twists in the U.S. election. Let’s explore why!
Market Overview
Crypto Market Cap: The total market cap has surged by 99.8%, reaching $2.45 trillion as per Coinpedia Markets.
Trading Volume: Trading volume saw a 47% jump, now totaling $119 billion today.
Fear and Greed Index: Despite Bitcoin's recent spike, the index is not fully reflecting the surge due to timing.
Stablecoin Volume Spike: Stablecoins hit $100.92 billion in trading volume, representing 92.46% of total 24-hour crypto volume, as investors seek stability amidst volatility.
Bitcoin's Market Dominance: Bitcoin now holds a dominant 59.86% share, underscoring its influence in global finance.
Trump’s Election Lead and Bitcoin’s Rally
Current Price: Bitcoin is trading at $74,193, rapidly jumping from $69,000 to $75,000 within a single 4-hour candle.
Altcoin Surge: ETH surged by 7.35% today. If Ethereum price today closes above $2,485, a 10% rally could follow, potentially retesting its October 21 high of $2,769.
Similarly, Solana saw an increase in price by 14.1%, and Dogecoin by an impressive 2638%.
Driving Factor: The rally is largely attributed to the ongoing U.S. election, where Trump has taken a surprising lead, boosting market confidence.
U.S. Election 2024
Donald Trump vs Kamala Harris
Election Results: Trump’s significant lead, with a 92% probability of winning, has created a bullish sentiment across the crypto space.
Investor Reaction: The unexpected election outcome has positively impacted the market, driving Bitcoin’s recent surge.
Short Trade Liquidations: Nearly 9,487 short trades have been closed as the price rise liquidated many bearish positions.
Can Bitcoin Price Reach $100,000 in 2024?
As Bitcoin's price responds to election updates, short-term volatility is likely. However, as per Crypto analyst Captain Faibik, U.S. Presidential Election 2024 Trump's presidency could mean potential crypto-friendly policies, boosting the odds of Bitcoin reaching the $100,000 mark in 2024.
Key Price Levels: According to Coinglass data, if Bitcoin surpasses $76,000, an estimated $525 million in short trades will be liquidated. At $77,000, this figure rises to $670 million, and above $83,000, more than $800 million in short positions would be cleared.
Final Takeaway
The crypto market remains highly sensitive to political events, with unexpected election outcomes often triggering quick price changes. Traders should stay alert, as Bitcoin’s rapid upward movement could lead to a shakeout, possibly causing short-term corrections for long-position holders.