web3.0Bitcoin, Ethereum Slip While Dogecoin Surges Ahead Of Presidential Election; Analyst Predicts BTC Will Hit $100K Regardless Of Trump Or Harris WinBitcoin, Ethereum Slip While Dogecoin Surges Ahead Of Presidential Election; Analyst Predicts BTC Will Hit $100K Regardless Of Trump Or Harris Win
Bitcoin plummeted further, but Dogecoin rose as cryptocurrency investors braced for the high-stakes presidential election.
Bitcoin slipped further from recent highs on Monday evening, while Dogecoin surged ahead of the presidential election; an analyst predicts that Bitcoin will hit $100,000 , regardless of whether Trump or Harris wins.
What Happened: Bitcoin, the world’s largest cryptocurrency, slipped to $66,800 in the early evening before recovering above $68,000 overnight.
This marked a 0.7% loss in the last 24 hours, and Bitcoin was trading down by about 7% from last week’s highs near $73,000. However, the flagship coin was still up by over 80% year-to-date.
Bitcoin’s slip came despite a slight recovery in the stock market from last week’s sell-offs. The Dow slipped further on Monday, while the S&P and Nasdaq Composite slipped marginally.
After slipping last week, major stock indices closed at record highs on Monday ahead of the presidential election. The Dow slipped by 257.59 points, or 0.61%, to close at 41,794.60. The S&P 500 lost 0.28% to end at 5,712.69, while the tech-heavy Nasdaq Composite slipped by 0.33%, closing at 18,179.98.
Top cryptocurrency traders on Binance were largely leveraged long on Bitcoin as of this writing.
Top Gainers (24-Hours)
See Also: Dogecoin millionaires are increasing – investors with $1M in DOGE revealed!
Relative to Bitcoin, ether also encountered heavy sell-offs and slipped by 2.3% in the last 24 hours. However, the second-largest cryptocurrency was still up by over 300% year-to-date.
On the other hand, Dogecoin outperformed the market once again with over 8% gains in the last 24 hours.
The meme cryptocurrency was trading at an average price of $0.0044 in the last 24 hours, up from lows of around $0.0028 last week.
Dogecoin was up by over 200% year-to-date and outperformed both Bitcoin and ether by a significant margin in 2024.
Analyst Notes: Widely followed cryptocurrency analyst Miles Deutscher highlighted the two possible trajectories that Bitcoin could follow after the election outcome.
If Trump wins,ܞφ
Bitcoin will continue rallying and hit $100,000 in the fourth quarter of 2024.
The highs will be seen again in the first quarter of 2025.
If Harris wins,ܞφ
Bitcoin will sell off and slip to $40,000 in the fourth quarter of 2024.
The all-time highs will not be seen again until the first quarter of 2027.
Another cryptocurrency analyst, Ali Martinez, likened ether’s trajectory to the S&P 500, highlighting that this could be the last dip for ether before it sails to $10,000.
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