This year has showcased a variety of stories within the cryptocurrency sector, particularly regarding Bitcoin’s price. Key events such as spot Bitcoin exchange-traded funds (ETFs), the upcoming fourth halving, and the United States presidential elections have influenced the cryptocurrency landscape throughout 2024.
With the US elections just around the corner, there is considerable discussion about the potential outcomes of the elections and their effects on the market landscape of Bitcoin, the largest cryptocurrency. Blockchain analytics firm IntoTheBlock adds to this conversation by linking Bitcoin’s price trends to the electoral odds of former President Donald Trump.
Potential Benefits of a Trump Victory for Crypto
In its most recent weekly report, the on-chain analytics platform IntoTheBlock highlighted that while Bitcoin’s price has been trending upward, so too have the odds of Donald Trump winning the US presidential election this November. Current data from Polymarket suggests a 60% likelihood that Trump will take office as the new president of the United States, ahead of current Vice President Kamala Harris, in January 2025.
Source: Polymarket
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Since announcing his campaign, Trump has emerged as a strong advocate for the cryptocurrency space, vowing to promote the integration and use of cryptocurrencies, especially Bitcoin, during a potential second term. Furthermore, there have been reports of Trump considering crypto-friendly individuals for key roles within the US financial sector.
In addition to his critical view of SEC chairman Gary Gensler, Trump has been engaging with and investing in various cryptocurrency initiatives. In July, he discussed his intention to establish a national “strategic Bitcoin stockpile” for the United States, rather than allowing the government to divest its collection of digital assets.
IntoTheBlock noted in its recent report that the heightened chances of Trump’s success in the presidential elections are correlating with the recent surge in Bitcoin’s price and the overall cryptocurrency market. Observing how this trend influences the election results will be intriguing, particularly given the Democratic party’s generally unfavorable stance towards cryptocurrency.
Bitcoin Dominance Reaches Highest Point in Three Years
The latest price increase has propelled Bitcoin’s market share to its highest level since early 2021. The dominance of Bitcoin, which has been gradually climbing over the past few years, has exceeded 65%.
At the time of writing, Bitcoin is priced around $68,350, indicating a rise of more than 2% in the last 24 hours. According to CoinGecko, Bitcoin remains the largest cryptocurrency with a market capitalization exceeding $1.35 trillion.
The Bitcoin price on a daily timeframe | Source: BTCUSDT chart from TradingView
Featured image from Unsplash, chart from TradingView
