This year has been filled with numerous narratives about the cryptocurrency market, especially the price of bitcoin. From bitcoin exchange-traded funds (ETFs) to the fourth halving event to the US presidential election, the cryptocurrency industry and the bitcoin market have been subject to several factors throughout 2024. .
With just a month to go before the US elections, there has been a lot of commentary about the results of the polls and how they could affect the dynamics of the market for the world's largest cryptocurrency. Blockchain analytics firm IntoTheBlock is among the latest to join this discussion by drawing a connection between bitcoin's price performance and former President Donald Trump's odds.
How Trump's victory could be a victory for cryptocurrencies
In its latest weekly report, on-chain analytics platform IntoTheBlock bitcoin-dominance-presidential-election-odds?ecid=ACsprvse-SjX6azjW5GXIUcr79AjKtPt3aPx2tThaz5F4x34pa1eD3SDkeJ8xyt6LIt4yzZ0gwxm&utm_campaign=Newsletter&utm_medium=email&_hsenc=p2ANqtz–MuqvB2UDYMtgjxe6aTCn6yFHCIuEgjl__mYAZSv8HoPBoT_uuALoEFv0M7Ac8wPHAUhDQo_GJJN63hEJJvIpYZa9kLQ&_hsmi=329716769&utm_content=329716769&utm_source=hs_email” target=”_blank” rel=”noopener nofollow”>revealed the price of bitcoin has been increasing; but so are the chances of Donald Trump emerging victorious in the US presidential election in November. According to recent data from Polymarket, there is a 60% chance that Trump will be sworn in as the new president of the United States before current Vice President Kamala Harris in January 2025.
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Source: Polymarket
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Since the beginning of his campaign, Trump has been a strong supporter of the cryptocurrency industry while also promising to facilitate the integration and adoption of cryptocurrencies, particularly bitcoin, in his second term in the Oval Office. Additionally, reports have emerged that the former president appointed crypto-friendly personalities to strategic positions in the United States financial industry.
In addition to his hostile stance against SEC Chairman Gary Gensler, Trump has been delving into and investing in several crypto projects. In July, the former president spoke of his plans to build a national “strategic bitcoin reserve” for the United States instead of the government divesting of its digital asset reserve.
IntoTheBlock mentioned in its weekly report that the increased likelihood of Trump winning the presidential election is related to the recent rally experienced by the price of bitcoin and the crypto market in general. It would be interesting to see how this trend would carry over to the election results, especially considering the not-so-crypto-friendly stance taken by the Democratic Party.
bitcoin dominance at highest level in three years
Thanks to the latest price surge, btc market share has also jumped to its highest level since the beginning of 2021. bitcoin dominance, which has been steadily increasing in recent years, has now surpassed 65%.
At the time of writing, the price of bitcoin sits at around $68,350, reflecting an increase of over 2% in the last day. According to data from CoinGecko, btc ranks as the largest cryptocurrency with a market capitalization of over $1.35 billion.
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The bitcoin price on a daily timeframe | Source: BTCUSDT chart from x/lu8uw1dA/" target="_blank" rel="noopener nofollow">TradingView
Featured image from Unsplash, chart from TradingView