This year has been filled with a lot of buzz regarding the cryptocurrency market, especially the price of Bitcoin. From the fourth halving event of the Spot Bitcoin Exchange Traded Fund (ETF) to the US presidential election, the crypto industry and Bitcoin market have been exposed to a variety of factors throughout 2024.
With just a month left until the US election, there is a lot of commentary on the results of the polls and how they could affect market trends for the world’s largest cryptocurrency. . Blockchain analytics firm IntoTheBlock is one of the latest companies to join the discussion, revealing a link between Bitcoin’s price performance and former President Donald Trump’s odds.
How Trump’s victory becomes a victory for cryptocurrencies
On-chain analytics platform IntoTheBlock revealed in its latest weekly report that the price of Bitcoin is rising. But so are the odds of Donald Trump coming out on top in the US presidential election in November. According to recent data from Polymarket, Mr. Trump has a 60% chance of becoming the new president of the United States in January 2025, ahead of current Vice President Kamala Harris.
Source: Polymarket
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Since the start of his campaign, Trump has been a vocal supporter of the cryptocurrency industry, pledging to promote the integration and adoption of cryptocurrencies, particularly Bitcoin, during his second term in the Oval Office. Additionally, reports have emerged that the former president has appointed crypto-friendly individuals to strategic positions in the U.S. financial industry.
In addition to his unfriendly stance towards SEC Chairman Gary Gensler, President Trump has delved into and invested in various cryptocurrency projects. In July, the former president spoke of plans for the government to build a national “strategic Bitcoin stockpile” for the United States, rather than drain its stash of digital assets.
IntoTheBlock said in its weekly report that the increased likelihood of Trump winning the presidential election is related to the recent rally experienced by Bitcoin prices and the general cryptocurrency market. It will be interesting to see how this trend spills over into the election results, especially given the Democratic Party’s less-than-friendly stance on cryptocurrencies.
Bitcoin dominance reaches highest level in 3 years
Thanks to the recent price surge, BTC’s market share has also jumped to its highest level since early 2021. Bitcoin’s dominance, which has steadily risen in recent years, now exceeds 65%.
As of this writing, Bitcoin’s price is around $68,350, reflecting an increase of over 2% from the previous day. According to CoinGecko data, BTC ranks as the largest cryptocurrency with a market capitalization of over $1.35 billion.
Daily Bitcoin price | Source: BTCUSDT chart on TradingView
Featured image from Unsplash, chart from TradingView
