Bitcoin, Ethereum, Dogecoin Pump On Election Day: Medium-Term Outlook Is 'Super Bullish,' Says Analyst

Author: Khyathi Dalal | November 05, 2024 03:10pm

Cryptocurrency markets are trading higher as markets predict a Trump win, boosting sentiment.

Cryptocurrency	Price	Gains +/-
Bitcoin (CRYPTO: BTC)	$70,020.74	+3.2%
Ethereum (CRYPTO: ETH)	$2,446.49	+0.7%
Solana (CRYPTO: SOL)	$167.03	+4.5%
Dogecoin (CRYPTO: DOGE)	$0.1728	+8.6%
Shiba Inu (CRYPTO: SHIB)	$0.00001802	+6.5%

Notable Statistics:

• IntoTheBlock data shows large transaction volume increasing by 89.1% and daily active addresses growing by 25.1%. Transactions greater than $100,000 are up from 5,942 to 8,295 in a single day. Exchanges netflows are down by 60.2%.
• Coinglass data reports 79,522 traders were liquidated in the past 24 hours with the total liquidations at $218.60 million.

Notable Developments:

• As MiCA Nears Full Adoption, Could Europe Become World’s Web3 Destination?
• Bitcoin, Ethereum ETFs Record Over $600 Million Net Outflows Ahead Of Election Day
• Coinbase CEO Brian Armstrong Criticizes Regulatory Overreach: ‘Nothing To Capture In Small Government’
• Michigan Pension Fund Invests $10M In Ethereum ETFs, Exceeds Bitcoin Holdings

Top Gainers:

Cryptocurrency	Price	Gains +/-
Aerodrome Finance (CRYPTO: AERO)	$1.17	+10.6%
Artificial Superintelligence Alliance (CRYPTO: FET)	$1.24	+10%
Bittensor (CRYPTO: TAO)	$456.89	+10%

Trader Notes: With Bitcoin prices reclaiming the $70,000 mark, crypto trader Bitcoin Munger stated that the 4-hour chart is strongly indicating a post-election Bitcoin pump.

The 4-hour chart is screaming for a post-election #Bitcoin pump.

– MACD: Bullish cross and accelerating
– RSI: About to cross bullish
– SuperTrend: goes Long at $70.2k pic.twitter.com/RL877CY2we

— Bitcoin Munger (@bitcoinmunger) November 5, 2024

Fred Krueger drew parallels to historical price performance of Bitcoin after elections. He noted that the three-month mark resulted in a new all-time high after the last election.

Bitcoin goes up after elections.
1month, 3month, 12 month all super bullish.

The 3 month was actually at an all time peak last time around. pic.twitter.com/HHEgF3ASiG

— Fred Krueger (@dotkrueger) November 5, 2024

What’s Next: The influence of Bitcoin as an institutional asset class is expected to be thoroughly explored at Benzinga’s upcoming Future of Digital Assets event on Nov. 19.

Read Next: 

• Veteran Traders Share ‘Presidential Election Crypto Trading Roadmap,’ Predict Heavy Volatility

Image: Shutterstock

Posted In: $AERO $BTC $DOGE $ETH $FET $SHIB $SOL $TAO BTC