Bitcoin and Altcoins Stay Calm Ahead of US Election Day (Market Watch)

Bitcoin’s price experienced some volatility during the weekend, but the daily scale shows little to no movement. However, fireworks are expected in the next few days.

Even the more volatile by nature altcoins stand quiet today, with XRP being the biggest gainer and LINK the most substantial loser from the larger caps.

BTC Calms Ahead of Elections

Last Monday started on a more positive note for the primary cryptocurrency, which continued and culminated on Tuesday. At the time, the asset skyrocketed from $68,000 to $73,600, thus coming $150 away from painting a new all-time high.

While the community anticipated the record to fall at any given moment, the landscape changed and BTC slipped to $72,000. The situation worsened by the end of the trading week as bitcoin slumped below $69,000 on a few occasions.

The weekend didn’t go all that well for the cryptocurrency either, as the bears pushed it to a weekly low of $67,600 yesterday. The most probable reason behind this is Donald Trump’s declining odds of winning the upcoming elections.

Now, though, BTC stands around $68,500, which is essentially the same spot as yesterday. Its market cap is at just over $1.350 trillion on CG, and its dominance over the alts is at 56.8%. It’s worth noting that the US elections are tomorrow and are expected to influence the price movements in the crypto market in one way or another, depending on the outcome.

Bitcoin/Price/Chart 04.11.2024. Source: TradingView

Even Alts Are Calm

The daily chart for the altcoins shows something rather unlikely, as most sit quietly today. ETH, BNB, DOGE, TRX, TON, and AVAX are slightly in the green, while SOL, ADA, BCH, and SHIB are with minor losses.

XRP has gained the most from the larger-cap alts (2%), while LINK has dumped by 3.5%, making it the most painful loser.

It all seems like the calm before the storm now. The total market cap is naturally at the same spot as yesterday, as well, at just under $2.4 trillion.

Cryptocurrency Market Overview. Source: QuantifyCrypto