Originally published on: November 06, 2024
In a sudden spike, Bitcoin surged over 3% in just one hour, climbing to an impressive $71,500 as investors react to the early lead of Donald Trump in the US election. While the price has dipped slightly to $71,309, the momentum is undeniable.
The rally wasn’t limited to Bitcoin alone – meme coins Dogecoin and Shiba Inu also saw significant gains of 5% and 3%, respectively, within the same time frame. Additionally, Ether and Solana experienced a boost of 1.9% and 2.6%, showcasing the overall bullish sentiment in the market.
The ongoing election drama has injected heightened volatility into the crypto space. Despite Bitcoin experiencing a 2.4% drop to $68,755, the resilience of meme coins like DOGE and SHIB is evident as they maintain double-digit gains over the past 24 hours.
Interestingly, Elon Musk’s continued support for Donald Trump seems to have fueled the rally of DOGE, further solidifying the ties between meme coins and influential figures in the tech world.
With all eyes on the election results, analysts predict that the market could witness significant swings post-announcement. The Bitcoin volatility index hit a three-month high of 65.7, indicating that big movements are on the horizon.
As the US election unfolds and the Federal Reserve gears up for its upcoming meeting, the stage is set for a rollercoaster ride in the financial markets. Whether you’re a seasoned investor or a crypto enthusiast, staying informed and vigilant during these uncertain times is key.
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