The global crypto market cap is down by 0.37%, hovering around $2.24 trillion with an FGI of 50 points for neutral sentiments. The 24-hour trading volume has surged by 15.32%. These slight fluctuations yet overall steadiness are credited to the upcoming US Presidential elections which are slated to happen on November 05, 2024, Tuesday.
A few reports show the signs of Donald Trump losing momentum; however, what they may have ignored so far is the fact that he has finally changed his stand on early voting. Republican supporters have come out in large numbers to cast their votes. It almost matches the level of Democrats – and this is rather a good thing.
BTC and ETH Stay Below Expected Levels
Bitcoin is exchanging hands at $68,483.33, down by 0.50% in the last 24 hours. BTC is attempting to bring back the speculated glory by marking slight upticks on an hourly basis. The last 1 hour saw it rise by 0.07% but expect the flagship cryptocurrency to remain steady below $70,000 till the time there is any clarity about where election results are headed. Spot Bitcoin ETFs saw net outflow for the second consecutive time. The total comes to $541.1 million – taking the historical cumulative inflow to $23.6 billion as of November 04, 2024.
Ethereum tokens are sailing on the same boat with a drop of 1.27% in 24 hours. Except, there has been no gain on an hourly basis since the token has plunged by 0.14% in the last 1 hour. Spot Ethereum ETFs recorded outflows on October 04, 2024, for the second consecutive time. Outflows were $63.2 million for a historical cumulative net outflow of $542.1 million. It previously recorded an outflow on November 01, 2024, for $10.9 million, breaking a 3-day streak of inflows.
Meme Coins See a Heavy Lead
Dogecoin is heavily up by 10.23% in the last 24 hours, listed at $0.165. This is a notable development considering the top digital tokens have taken a dip. It could potentially indicate a transition to the top meme coins as the most preferred altcoins. They have absorbed the blow and could continue to do so till the time elections conclude across the US. Shiba Inu is building on it as well. It has surged by 4.05% in a single day to exchange hands at $0.00001744.
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The only concern for SHIB holders is the widening gap in terms of market cap which now stands at $14 billion. DOGE has a standing of more than $24 billion while SHIB is stuck at $10 billion. Nevertheless, there remains a rise in their adoption in the ongoing times of high volatility and neutral sentiments per FGI numbers.
Other Gainers and Losers
XRP has gained 0.84% in a single day. SOL, on the other hand, can be seen swinging downward with a fall of 0.57% during the same time window. BNB has made a small gain of 0.01% to trade at $559.06. It is now targeting to reach $600 by the end of this year, that is 2024.
POPCAT was once marking an upward trajectory. It is now down by 4.13% for a value of $1.28. Chances are that crypto enthusiasts have shifted to a more popular option like DOGE and SHIB.
Conclusion
A lot of attention is on the US Presidential elections. Cryptocurrencies will reflect the sentiments once elections are done and voters express their preference for a candidate. It is a neck-to-neck contest between Donald Trump and Kamala Harris with leaders from across the world watching it closely.
Also Read: 2024 US Elections: What’s Harris and Trump’s Take on Crypto Regulation?
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