Leading cryptocurrencies jumped as polls began to close in the high-stakes presidential election between Donald Trump and Kamala Harris.
| Cryptocurrency | Gains +/- | Price (Recorded at 8:30 p.m. EDT) |
| Bitcoin BTC/USD | +4.68% | $71,154.46 |
| Ethereum ETH/USD Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â |
+2.23% | $2,460.12 |
| Dogecoin DOGE/USDÂ Â Â Â Â Â Â Â Â Â | +8.20% | $0.1763 |
What Happened: After days of retracement, Bitcoin got back in the groove as it breached the $71,000 level. The leading cryptocurrency was just 3.8% away from its all-time high of $73,737.
Ethereum also approached $2,500, while Dogecoin, the king of joke coins, surged by more than 8% as election results began to come in.
Trump was leading in the battleground states of Georgia and Florida, resulting in his odds on Polymarket shooting to 72%.Â
Ethereum also encountered heavy sell-offs, while Dogecoin outperformed the market with over 8% gains in the last 24 hours.
Short sellers suffered as more than $133 million in bearish bets were wiped out due to the rally.Â
Bitcoin’s Open Interest spiked 3.70%, while top traders on the cryptocurrency exchange Binance remained bullishly positioned for the coin.Â
Market participants remained “Greedy,” as per the Cryptocurrency Fear and Greed Index.
Top Gainers (24-Hours)
| Cryptocurrency | Gains +/- | Price (Recorded at 8:45 p.m. EDT) |
| Artificial Superintelligence Alliance(FET) | +1.27% | $0.1633 |
| Cat in a dogs world (MEW) | +11.44% | $0.008809 |
| Bittensor (TAO) | +10.59% | $469.17 |
The global cryptocurrency stood at $2.34 trillion, following a spike of 5.22% in the last 24 hours.
Stocks surged sharply Tuesday in anticipation of the results. The Dow Jones Industrial Average gained 427.28 points, or 1.02%, to close at 42,221.88. The S&P 500 jumped 1.23% to end at 5,782.76, while the tech-focused Nasdaq Composite closed 1.43% higher at 18,439.17.
Stock futures also ascended in anticipation, with those linked to the Dow popping more than 300 points overnight.
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Analyst Notes: Widely followed cryptocurrency analyst Michaël van de Poppe noted Bitcoin’s move above $71,000 amid Trump’s lead in the battleground states of Virginia and Florida.
“This might not be as tight as it was expected. This might also be the kickstart of the bull market + a weak labor market,” the analyst predicted.
#Bitcoin breaking $70K and makes a new high, as Trump takes a significant lead in Georgia, Florida, Virginia and South Carolina.
This might not be as tight as it was expected.
This might also be the kickstart of the bull market + a weak labor market.
— Michaël van de Poppe (@CryptoMichNL) November 6, 2024
However, indications of profit-taking by whales also surfaced after influential analyst Ali Martinez drew attention to the sharp drop in addresses holding more than 1,000 BTCs leading up to the election.
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