- Bitcoin (BTC) hits new ATH at $75K, while Dogecoin (DOGE) claims the seventh-largest market cap.
- In the last 24 hours, BTC and DOGE saw the largest liquidations at $247.7M and $41.86M, respectively.
How Bitcoin (BTC) and the crypto market will respond to the 2024 U.S. Presidential Election results remains a focal point of speculation. However, ahead of the outcome, two key players — BTC and Dogecoin (DOGE) — have charted rallies to prominent price peaks.
Notably, the former hit its new all-time high of $75,407 and the latter climbed to its 7-month high of $0.2193. Simultaneously, there has been a massive liquidation of BTC and DOGE positions globally in the last 24 hours. Coinglass data reveals over $259.08 million in BTC and $47.19 million in DOGE liquidations.
Why Is Dogecoin Responding So Bullishly?
Throughout his campaign, Trump demonstrated his pro-crypto stance, from advocating for “all remaining Bitcoin to be made in the USA” to becoming the first presidential candidate to accept BTC as a payment.
On the other hand, his prominent supporter, Elon Musk, the CEO of Tesla, has a long history of endorsing crypto, both directly and indirectly through hints. His tweets have been key catalysts for Dogecoin’s price rallies. In the context of the 2024 US election, DOGE’s price response seems aligned with the “Department of Government Efficiency (D.O.G.E.)” D.O.G.E. is presumably the idea of a new government commission that could be chaired by Elon under Trump’s rule.
At present, DOGE exhibits a bullish stride — a 25% pump over the last 24 hours. DOGE flipped Ripple’s XRP and became the seventh-largest cryptocurrency by market capitalization. Moreover, the memecoin has entered an overbought zone, marked by its RSI exceeding 70.
Dogecoin (DOGE) Price Chart (Source: TradingView)
The current price pumps could either be short-lived or catalyze a prolonged uptrend. But indicators of the upcoming trend post-election results remain uncertain
Highlighted Crypto News Today
Bitcoin Hits New All-Time High as US Election Fuels Bullish Momentum
