Dogecoin (DOGE) Pumps 31% to New Monthly High as Bitcoin (BTC) Logs All-Time High (ATH)

This heavily influenced the cryptocurrency market, especially altcoins that tend to benefit from BTC's price actions

Bitcoin (BTC) hit a new all-time high (ATH) of $75,011.06 a few hours ago, which had a significant impact on the cryptocurrency market, particularly altcoins, which tend to benefit from BTC's price movements. Among the top 10 cryptocurrencies by market cap, Dogecoin (DOGE) experienced the highest gain.

In the 24 hours leading up to BTC's new ATH, Dogecoin surged by over 31%, moving from a low of $0.1619 to a high of $0.2133. At 5:00 AM UTC, it seemed to be establishing strong support above the $0.20 level, indicating a potential for further upward price movement.

This rally was accompanied by a remarkable increase in trading volume for the dog-themed meme coin, indicating a high level of interest in the token. During the same period, digital asset trades were valued at over $8.5 billion across wallet addresses, which is more than a 200% increase over the figures reported a day earlier.

Moreover, these developments pushed the market cap of Dogecoin's 146.67 billion circulating supply to $30.21 billion, enabling it to surpass TRON (TRX) in the rankings. Notably, DOGE's price accumulation over the past week, month, and year amounted to over 14%, 77%, and 183%, respectively.

However, Dogecoin is still significantly below its ATH, which was set three years ago. It remains about 71% lower than its all-time high of $0.7376.

Bitcoin's New ATH Emerges Amid Heightened US Presidential Election Activity

Being the primary driver of the cryptocurrency market, Bitcoin's price movements had a strong influence on Dogecoin's rally. On Wednesday, at approximately 3:00 AM UTC, BTC swiftly surpassed its previous record-high of $73K, reaching a new peak of $75,011.06, as trading volume surged by about 75%.

This development unfolded against the backdrop of the ongoing race between former President Donald Trump and Vice President Kamala Harris to succeed Joe Biden. As polling stations prepared to close, CNN's tally indicated a substantial lead for the Republican candidate in terms of popular votes.

According to the unofficial tally, Trump had secured 51.1% of the popular vote, translating to over 61.95 million votes. In contrast, Harris had obtained 47.3% of the captured voters, equating to more than 57.54 million votes.

Within the crypto community, a Trump victory is widely anticipated to lead to more favorable treatment of digital assets, especially cryptocurrencies. Throughout this election cycle, he has positioned himself as an advocate for the crypto cause and has even engaged in several NFT projects leading up to the event.

For DOGE, this could manifest in the establishment of an agency, as proposed by Elon Musk, to promote responsible spending in the government. The agency, named the "Department of Government Efficiency" (D.O.G.E), would be tasked with overseeing crypto-related initiatives.

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