The global crypto market cap is up by 10.68%, hovering around $2.47 trillion with an FGI of 54 points for neutral sentiments. As of Nov 06, the dominance of BTC is now 59.71% in the market and the surge in crypto is majorly credited to the projections of the US Presidential elections shows Donald Trump leading the race.
Donald Trump has gained an edge over his competitor, Kamala Harris, who is trailing by a broader margin which is sufficient to overcome the margin of error. Investors are hopeful that Trump will return to power and set the record straight for digital tokens by taking them mainstream, or at least backing them in their attempts to gain global recognition.
BTC Surpasses $70k, ETH Falls Behind
Bitcoin tokens are up by 8.42% in the last 24 hours, exchanging hands at $74,082.42. BTC is poised to breach the market of $80,000 by the end of November 2024, thereby, paving the way for the milestone of $100k by the end of this year, that is 2024.
The jump comes amid high optimism that Trump will reclaim the chair by defeating Harris. Spot Bitcoin ETFs don’t necessarily share the same sentiment as there is a net outflow worth $116.8 million as of November 05, 2024. BlackRock contributed to that flow with a negative movement of $44.2 million.
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Ethereum tokens didn’t reflect the same sentiment as they are only up by 6.11%, listed at $2,571.38. While the jump is indeed noteworthy, the value in itself falls behind the expected growth. ETH holders expected Ether to touch at least $2,700 when BTC jumped. Spot Ether ETFs didn’t report any number on November 05, 2024. The historical cumulative outflow stays at $542.1 million.
Meme Coins See a Significant Soar
Dogecoin, for one, is up by 23.46% in the last 24 hours, and is exchanging hands at $0.201. Shiba Inu has soared by 9.28% and is now listed at $0.00001892. Moreover, the difference between their market cap has widened with DOGE at around $29.5 billion and SHIB at around $11.16 billion. Meme Coins are not only following the path of top digital tokens but are also fetching handsome profits to their investors, especially those who looked up to the meme coin segment as a perfect alternative to evading high volatility.
Most of the meme coins are up in double digits except SHIB which is likely to catch up soon. GOAT is one of the biggest gainers on the list with an uptick of 43.66% in a single day, taking its value to $0.688.
Other Gainers and Losers
XRP has made small gains of 4.88%. SOL, in comparison, has jumped by 15.51% for a value of $184.65. It is now ranked at the 4th position, ahead of BNB which surged by 3.46% to $576.51. TRX is an outlier, for it has shed approximately 0.16% of its token value. Every meme coin is massively up including POPCAT which was last seen shrinking due to a dip. The cat-themed meme coin is now up by 18.05% for a value of $1.50. PEPE and WIF agave jumped by 14.49% and 19.50%, respectively, to $0.000009307 and $2.42, applicable in the same order.
Conclusion
More clarity on US Presidential elections will help to draw a better picture of where cryptocurrencies can move in the times to come. Till then, expect fluctuations across the sector for decent profits.
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Disclaimer: Values are true at the time of writing this article. Content is not investment advice.
Also Read: Bitcoin Continues to Pump, Reaches $74,000 as Donald Trump Leads on Polymarket, Kalshi
