The cryptocurrency market is making massive gains as the US electoral results continue coming in. Donald Trump took an early lead, and Bitcoin surged to a record high of $75,000 for the first time ever.
Bitcoin and altcoins are surging
Goatseus Maximus (GOAT) token surged to a record high of $0.7250, bringing its market cap to over $714 million. Similarly, the Dogecoin price is $0.2186, as we predicted on Tuesday. It has moved to its highest level since April 1 and is up by over 170% from its lowest level in August.
Dogwifhat (WIF) token rose for two consecutive days, reaching a high of $2.40, much higher than this week’s low of $1.884. Other tokens that did well were THORChain, Ethena, Bonk, and Bittensor. The crypto fear and greed index neared the greed area of 60.
Most Trump-themed tokens have also done well. MAGA (TRUMP) token soared by 11% in the last 24 hours, while Doland Tremp (TREMP), Dark MAGA (DMAGA), and Super Trump (STRUMP) surged by over 20%.
The main catalyst for these tokens is the US general election. According to the New York Times, Trump was leading with 210 electoral colleges compared to Kamala Harris’ 113. The paper estimated that Trump would win in Georgia and North Carolina. As such, for Harris to win, she will need to win in Pennsylvania, Michigan, and Wisconsin.
Trump Polymarket odds are soaring
Polymarket odds have also surged and are leaning toward Trump. According to Polymarket, Trump has a 94% chance of winning. He also has an 80% chance of winning the popular vote, while Republicans are expected to have a clean sweep in Congress.
2024 Presidential Election Winner | Polymarket
The caveat in all this is that the election results are still close, and a lot could change, as we saw in the 2020 election. At the time, Trump was leading in some key states before Joe Biden flipped key swing states.
A Donald Trump win is seen favourably by cryptocurrency traders because he pledges to support the industry and replace Gary Gensler, the Securities and Exchange Commission (SEC) chair. Therefore, if he wins, it could usher in a new crypto bull run, with Bitcoin expected to soar to $80,000 or even $100,000.
On the other hand, if Kamala Harris wins, Bitcoin will likely suffer a harsh reversal as investors predict more regulation in the industry.
Therefore, the main outlook for tokens like Dark MAGA, Dogwifhat, and GOAT is that they will be highly volatile until the election is called.
