Crypto Price Analysis 11-6 BITCOIN: BTC, ETHEREUM: ETH, SOLANA: SOL, APECOIN: APE, RIPPLE: XRP, DOGECOIN: DOGE, FANTOM: FTM

As a seasoned crypto analyst with years of experience under my belt, I must say that the recent performance of XRP, Dogecoin (DOGE), and Fantom (FTM) has been quite intriguing.

1) In the last 24 hours, Bitcoin (BTC) surged by nearly 10%, reaching a new record high of $74,730. This spike occurred as Donald Trump took an early lead in the presidential elections. Financial analysts forecast that BTC could exceed $75,000 and potentially reach $80,000 if Trump wins. Currently, Bitcoin is poised to surpass the $75,000 mark.

Almost all significant cryptocurrencies have seen a substantial rise, fueled by Trump’s early success. Ethereum (ETH) momentarily went beyond $2,600 before slightly dropping and now stands with an increase of more than 7%. At the same time, Solana (SOL) has almost doubled, with a rise of nearly 15%, Ripple (XRP) is up over 5%, and DOGECOIN (DOGE) has skyrocketed by an impressive 30% in the last 24 hours. The overall crypto market value has increased by close to 10% within the past day and currently stands at $2.43 trillion.

In reference to the rise in cryptocurrency markets following initial predictions for a Trump lead, ChangeNOW’s Chief Marketing Officer, Pauline Shangett, commented: “After the early lead for Trump, we observed a surge in the crypto markets.

As Bitcoin (BTC) approaches the $75,000 mark, there’s a strong possibility it could surge past $80,000 if its current momentum holds. The market is buzzing with excitement, and coins like SOL and DOGE are also experiencing a rise, indicating a high tolerance for risk at present. It appears that many investors are keen to invest in Bitcoin (BTC) and Ethereum (ETH), suggesting faith in both digital currencies as protection against political uncertainties.

Bitcoin (BTC) Surges Thanks To Early Trump Leads

1) Reaching an unprecedented high of $74,730, Bitcoin (BTC) has soared beyond $74,000, with significant gains also seen in major altcoins. This bullish trend can be attributed to early indications favoring Republican candidate Donald Trump, who has expressed support for cryptocurrencies and aims to establish the US as a global leader in this field. Consequently, stocks related to crypto such as Coinbase and MicroStrategy witnessed increases of 3% and 4% respectively after market hours. However, analysts caution that Bitcoin and other digital currencies may continue to exhibit high volatility until the election results are officially announced.

As a researcher, I find myself intrigued by the anticipated impact of the U.S. Presidential election on Bitcoin prices. A win for Republican candidate Donald Trump might trigger a substantial increase in BTC value, potentially propelling it beyond the $80,000 mark. Conversely, if Democratic candidate Kamala Harris emerges victorious, analysts predict a downturn for Bitcoin, with a potential drop to around $50,000. These insights are shared by Ryan Rasmussen, Head of Research at Bitwise Asset Management.

The upcoming election is significantly impacting the cryptocurrency market. Over the next few days, you should anticipate Bitcoin and the broader crypto market to be volatile until a clear winner is determined. If Trump secures victory, there’s a likelihood of hitting new record highs. On the other hand, if Harris wins, it might trigger a temporary downturn, with prices possibly needing a month or two to rebound. However, in either scenario, I am optimistic about long-term growth.

How A Trump Or Harris Presidency Could Shape Crypto

The U.S. presidential election is now a significant topic in the world of cryptocurrency, as its results could influence global crypto policies and trading patterns. For the first time, crypto has emerged as a mainstream issue for both Republicans and Democrats, who are expected to define their stance on crypto and propose clear regulations. Investors are optimistic that this clarity will attract more institutional investors. Edul Patel, co-founder and CEO of Mudrex, commented on the elections, stating…

“Compared to other countries, the U.S. market is quite developed, with over 40% of its citizens owning some form of cryptocurrency. This is important because during this year’s elections, crypto will play a significant role for the first time. Unlike past elections, both main parties are pushing for clearer and more supportive regulations regarding crypto. Since many people in the U.S. are interested in crypto, it’s essential to establish clear regulations. Because of its strong economic influence, decisions made by the U.S. about cryptocurrency could impact crypto policies worldwide.

Historically, U.S. elections have had a favorable influence on the cryptocurrency market, and experts predict this trend will continue in 2021. Yet, there’s consensus among analysts that the markets will experience significant fluctuations, regardless of who emerges victorious in the election.

The way markets respond can be quick and unpredictable when it comes to predicted election outcomes, and the 2024 race is showing early signs of this pattern. If Trump’s supportive stance on cryptocurrencies remains popular among voters, it could foster optimistic feelings among investors, who might expect a more lenient regulatory landscape for digital assets. Conversely, if a Harris administration leans towards stricter regulations, it might provoke pessimism as the market adapts to the prospect of tighter supervision.

Bitcoin (BTC) Expected To Surge To New Highs

Regardless of the election outcome, market experts predict that Bitcoin (BTC) will reach a new peak. In the 90 days following previous elections in 2012, 2016, and 2020, BTC saw gains of approximately 87%, 44%, and 145%. This trend is likely due to elections often occurring during Bitcoin halving years, when the production of Bitcoin decreases significantly. Moreover, election results tend to coincide with substantial changes in Federal Reserve policies, with this year showing a drop in interest rates. For now, the market remains cautious and is observing closely. James Davies, CEO of Crypto Valley Exchange, expressed the sentiment of the markets by saying, “…the markets are on standby…

At this moment, all the people we’ve consulted are waiting and seeing, not making any immediate moves. I’ve gotten word from many prominent investors and traders, and they are all prepared for action. They can’t predict which direction the markets will shift due to the result, but it’s almost certain that there will be significant market fluctuations in the short term, regardless of the outcome.

UK Pension Fund Makes BTC Investment

As a researcher reporting on this topic, I’m excited to share that a UK pension fund has pioneered an innovative step by incorporating Bitcoin (BTC) into its investment portfolio, marking a historic first. In a recent announcement, pension advice firm Cartwright suggested a 3% allocation of BTC to an undisclosed client. Sam Wright, Director of Investment Consulting at Cartwright, expressed pride in this groundbreaking action and acknowledged its potential impact. He further hoped that this move would inspire other institutional investors in the UK to adopt similar strategies.

Bitcoin (BTC) Price Analysis

Bitcoin (BTC) surged to a new all-time high just hours ago, peaking at $75,011 before declining. The world’s largest cryptocurrency surged thanks to an early election day lead for Republican candidate Donald Trump. BTC is currently up by almost 9% and is trading around the $74,500 mark. With the crypto markets surging, analysts expect BTC to set its sights on $80,000 if Trump is declared the winner in one of the closest presidential races in years. The likelihood of a Trump victory also validates the crypto-based betting market Polymarket, which had predicted a Republican victory weeks ago.

In the price graph, Bitcoin (BTC) is experiencing a massive uptrend in the current trading period, surpassing its previous record high. Over the past week, BTC had been aiming for the $73,000 mark and reached $73,512, hinting at a new peak. But the buying power waned, causing Bitcoin to retreat on Wednesday, slightly dipping, and then plummeting by nearly 3% on Thursday to reach $70,307. On Friday, buyers tried to regain control as BTC climbed up to an intraday high of $71,632, but lost steam again, giving sellers the opportunity to regain control. Consequently, Bitcoin dropped by 1.06%, slipping below $70,000 and ending the day at $69,562.

The weekend started off with a slight upward trend on Saturday, as buyers tried unsuccessfully to surpass $70,000. However, Bitcoin dipped into negative territory on Sunday, dropping by 0.97% to reach an intraday low of $67,625 before closing at $68,909. On Monday, Bitcoin fell below its 20-day moving average, losing 1.49% and ending the day at $67,882. Initially, sellers pulled the price down to an intraday low of $66,832, but lost momentum, allowing buyers to support the price. Bitcoin rebounded on Tuesday as the broader markets saw a recovery ahead of the elections, rising by 2.32% and regaining its position above the 20-day moving average, ending the day at $69,458.

As Donald Trump currently holds a strong lead in the elections, Bitcoin has surpassed its previous record high, reaching an all-time peak of $75,063 during this session. However, it has since dipped below that figure and is now trading around $74,200. Analysts are closely monitoring Bitcoin’s price as the voting process continues. If Trump wins, analysts predict Bitcoin could climb to $80,000. Conversely, if Kamala Harris emerges victorious, Bitcoin might initially drop to $50,000 but is expected to recover and ultimately increase in value over the long term.

Ethereum (ETH) Price Analysis

Over these trading sessions, similar to Bitcoin, I’ve noticed a significant surge in the value of Ethereum (ETH). This rise appears to be influenced by optimistic figures surrounding Donald Trump. In the days leading up to the elections, ETH showed a bearish trend and experienced quite a bit of volatility at the beginning of last week, culminating in a considerable drop during the latter part.

On Thursday, the market saw sellers gain dominance as Ether (ETH) declined by 5.35%, falling beneath both its 20-day and 50-day Simple Moving Averages to close at $2,516. ETH attempted a rebound on Friday, reaching an intra-day peak of $2,585. However, this surge fizzled out after the set high, causing a minor dip that led to a closing price of $2,512. ETH dipped below the $2,500 mark on Saturday following a 0.79% decrease, ending the day at $2,492. The selling pressure escalated on Sunday, pushing the price down to an intra-day low of $2,410 before recovery led to a closing price of $2,456 after a 1.43% decline. As the new week started, sellers maintained control over ETH, causing it to drop below $2,400 after a 2.41% fall, ending at $2,397.

After experiencing a revival on Tuesday due to robust backing at its current level and the overall crypto market recovering ahead of the elections, ETH soared to a peak of $2,480 before retreating and closing at $2,423 – a rise of approximately 1%. Currently, ETH is almost 7% higher, moving above both its 20-day and 50-day moving averages as well as the $2,500 mark. Although it reached an intraday high of $2,633, it has since seen a minor dip, with the current trading price standing at $2,591. As the election results unfold and markets become increasingly volatile, experts predict that if Trump wins, ETH may surpass $2,700. Conversely, a win for Harris might cause the price to slide back towards $2,400 or even lower.

Solana (SOL) Price Analysis

From my perspective as an analyst, Solana (SOL) skyrocketed beyond the $180 mark to reach a peak of $188 today, with markets exhibiting a bullish sentiment following early indications favoring Republican candidate Donald Trump. Prior to this, SOL had been on a bearish trend since mid-last week when it failed to maintain its position above $180 on Tuesday. This level was met with significant selling pressure, causing a 2.44% decrease in SOL’s value on Wednesday to $174. The sellers continued their control on Thursday, pushing the price below $170 after a 3.67% drop and settling at $168. Buyers made an effort to recover on Friday, taking SOL up to an intraday high of $174; however, they lost momentum at this level, allowing sellers to regain control. Consequently, SOL fell back, dipping to $166 after a 1.66% decline.

The weekend found Solana (SOL) seeing notable fluctuations on Saturday due to a power struggle between buyers and sellers for dominance. On Sunday, sellers gained the upper hand, pushing SOL down to an intra-day low of $157. However, it bounced back above $160 by the end of the day to close at $162, marking a decrease of more than 2%. The sellers maintained control on Monday, causing SOL to dip below $160 after a 2.81% drop and ending the day at $157. On Tuesday, ETH rebounded with a 5.59% rise, closing at $166 as markets stabilized. With the election results leaning towards Donald Trump, SOL has seen a significant increase during today’s session, rising over 12% to trade at $186. In the event of a Trump victory, Solana could potentially break past $190 and even reach $200.

Apecoin (APE) Price Analysis

Despite the broader crypto market experiencing a boost due to Donald Trump’s strong lead in the elections, Apecoin (APE) has remained relatively quiet. Since October 20th, APE has been on a downward trend, dipping below its 20-day Simple Moving Average (SMA) on Thursday following a more than 8% decrease as buyers found it challenging to prevent a slide beneath $1. On Friday, APE saw a recovery, reaching $1.01, but slid back to $1 on Saturday after a 1.49% fall. The downward trend continued on Sunday, with APE dropping over 7% to $0.92 and hitting an intraday low of $0.87. Sellers have been in control this week as APE has fallen 1.53%, ending the day at $0.91.

On Tuesday, shares of APE surged more than 7% throughout the day, peaking at $1.04. However, it ended the session at $0.97 as market optimism grew ahead of elections. Currently, in today’s trading, APE is back above $1, standing at $1.02, with a gain of approximately 5%. Despite these recent gains, APE’s performance has been relatively subdued compared to other stocks in the market.

Ripple (XRP) Price Analysis

Over the weekend, Ripple (XRP) dipped below $0.50 but rebounded, having plunged to a low of $0.491. The digital coin had been trending downwards since midweek, struggling to surpass the 20-day Simple Moving Average (SMA), which served as a dynamic barrier. This struggle led to a Thursday drop to $0.509, marking a 2.39% decline. However, on Friday, buyers regained control, pushing the price to a peak of $0.524 during the day. After reaching this high point, XRP lost some steam and settled at $0.513, registering a 0.61% increase.

Bearish sentiment returned over the weekend as XRP fell by 0.53% on Saturday and 1.37% on Sunday to end the weekend at $0.503, with buyers pushing the price back above $0.50 after it hit an intraday low of $0.491. The current week began with XRP surging to a day high of $0.514. However, it lost momentum after reaching this level and fell to $0.503, registering a marginal decline. Markets recovered on Tuesday, and XRP registered an increase of just over 2% and settled at $0.514. The current session sees XRP up almost 5%, moving past the 20 and 200-day SMAs and trading just under $0.54.

Dogecoin (DOGE) Price Analysis

Dogecoin (DOGE) is up a staggering 22% during the current session as the world’s most popular meme coin surges following favorable election trends for Donald Trump. DOGE turned bearish in the middle of the previous week after failing to push above $0.18 on Tuesday. As a result, sellers took over on Wednesday and pushed the price down by 4.55% to $0.167. DOGE continued to decline on Thursday and Friday, dropping 3.75% and 1.49% respectively, to slip below $0.160 and settle at $0.159. DOGE climbed above $0.160 on Saturday after a marginal increase but fell back on Sunday, dropping by 5.50% to $0.151.

As a researcher, I’m grateful for the robust backing at $0.150 and the 20-day Simple Moving Average acting as a resilient line of defense. On Monday, DOGE bounced back, gaining 4.43% to reach $0.158. The bullish energy carried over to Tuesday, propelling DOGE beyond $0.160 and closing the day at $0.170 after a rise of $0.010. In this current session, the bullish sentiment has amplified, with DOGE soaring over 22% and trading at $0.208. Market analysts anticipate a temporary dip in the near future. Yet, if Donald Trump is announced as the winner of the US elections, the meme coin might surge once more.

Fantom (FTM) Price Analysis

Fantom’s token (FTM) is experiencing a significant surge, approximately 18%, as it bounces back robustly following recent setbacks that caused the price to dip below critical resistance points and moving averages. On Wednesday, FTM dipped beneath the 20-day Simple Moving Average (SMA), after a fall of nearly 4% to hit $0.69. The bearish trend continued on Thursday, with the price plummeting by 5.31%, dropping below the 50-day SMA and settling at $0.65. As FTM approached a significant support level, buyers initiated a recovery effort on Friday, driving the price up to an intraday peak of $0.66. However, sellers regained dominance, causing FTM to fall by 2.47% to $0.63.

Over the weekend, a more pessimistic outlook emerged for FTM as it experienced a decrease of approximately 3.4% on Saturday, reaching an intraday low of $0.56 that dipped beneath its 200-day Simple Moving Average (SMA). However, it managed to bounce back from this point, climbing up to $0.59 by the end of the day, resulting in a total drop of around 3.2%. The downward trend continued on Monday when FTM fell below its 200-day SMA again, causing a steep decline of nearly 9% that left it at $0.54.

2024-11-06 11:20