With the election a day away and polls close, speculation about who will be the country’s next president has created an atmosphere of fear and uncertainty within the crypto community.
The leading cryptocurrency rebounded to the $68,000 mark only days after nearing its all-time high, influencing the entire crypto market.
Let’s take a look at what this critical week has in store.
Last week, bitcoin, the leading cryptocurrency, peaked at $73,562, just below 1% off its record high, which it reached in March. Since then, bitcoin has slipped, falling to the $68,000 mark.
There’s little doubt bitcoin will soar if Donald Trump wins the election, as the former president spent time this year advocating for cryptocurrency. Meanwhile, many anticipate an immediate dip in bitcoin’s price if Kamala Harris wins, followed by a possible rebound later. That’s because she hasn’t been too vocal about Bitcoin.
Currently, bitcoin is trading at $69,146, a 0.28% rise in a week.
Ether, the second-largest cryptocurrency by market capitalization, is expected to move in tandem with bitcoin while keeping a close watch on the election results. Spot Ether ETFs (exchange-traded funds) have experienced mixed inflows and minor outflows, and it will be crucial to see whether investors choose to further commit to Ether ETFs.
Currently, Ether is trading at $2,479, a 1.79% drop in a week.
The popular memecoin Dogecoin, known for its volatility, is likely to respond to the outcome of the presidential race. Dogecoin has support from Tesla CEO Elon Musk, who has shown support for Trump.
Currently, Dogecoin is trading at $0.15, a 6.95% rise in a week.
Shiba Inu, another popular memecoin and a rival to Dogecoin, is also closely watching the election results. Other memecoins that have shown momentum in recent weeks may likewise experience fluctuations based on the outcome.
Currently, Shiba Inu is trading at $0.00001708, a 1.29% drop in a week.
Sui, the native cryptocurrency of the SUI Layer-1 blockchain, is built for high transaction speeds and efficient smart contract deployment. In the past few weeks, the cryptocurrency has been trending upward, largely driven by the launch of Circle’s USDC stablecoin on the Sui network. More recently, Coinbase enabled sending and receiving support for stablecoin USDC on the Sui network. These events have positioned Sui as a key player in the evolving crypto landscape.
Sui is trading at $1.9, a more-than-12% jump in a week.
