This yr has been full of quite a few narratives for the cryptocurrency market, especially for the Bitcoin price. Starting from the spot Bitcoin exchange-traded funds (ETFs), the fourth halving event, to the USA presidential elections, the cryptocurrency industry and the Bitcoin market have been subject to numerous aspects throughout 2024.
With the US elections barely a month away, there was quite a lot of commentary on the final result of the polls and the way it could impact the market dynamics of the world’s largest cryptocurrency. Blockchain analytics firm IntoTheBlock is amongst the most recent to hitch this discussion by making a connection between the Bitcoin price performance and the percentages of former President Donald Trump.
How Trump’s Win Could Be A Victory For Crypto
In its latest weekly report, on-chain analytics platform IntoTheBlock revealed the value of Bitcoin has been on the rise; but in order the percentages of Donald Trump coming out on top within the US presidential elections in November. In response to recent data from Polymarket, Trump is 60% more likely to be sworn in as the brand new president of the USA ahead of current Vice President Kamala Harris come January 2025.
Source: Polymarket
Related Reading: Crypto Analyst Says Dogecoin Price Could Pull An XRP This Cycle, What This Means
Because the start of his campaign, Trump has been a loud and vocal supporter of the crypto industry while promising to facilitate the mixing and adoption of cryptocurrencies, particularly Bitcoin, in his second stint within the Oval Office. Furthermore, reports of the previous president appointing crypto-friendly personalities into strategic positions in the USA finance industry have emerged.
Besides his unfriendly stance against SEC chairman Gary Gensler, Trump has been delving and investing in various crypto projects. In July, the previous president spoke of his plans to construct a national “strategic Bitcoin stockpile” for the USA quite than the federal government offloading its stash of digital assets.
IntoTheBlock mentioned in its weekly report that the increased likelihood of Trump winning the presidential elections is linked to the recent rally experienced by the Bitcoin price and general crypto market. It will be interesting to see how this trend would roll over to the election outcomes, especially considering the not-so-friendly crypto stance taken by the Democratic party.
Bitcoin Dominance At Highest Level In Three Years
Due to the most recent surge in price, BTC’s market share has also jumped to its highest level since early 2021. Bitcoin dominance, which has been steadily rising previously few years, has now surpassed 65%.
As of this writing, the Bitcoin price stands at around $68,350, reflecting a greater than 2% increase within the last day. In response to CoinGecko data, BTC ranks as the biggest cryptocurrency with a market cap of over $1.35 billion.
The Bitcoin price on a each day timeframe | Source: BTCUSDT chart from TradingView
Featured image from Unsplash, chart from TradingView