Bitcoin and Dogecoin Flex Big Moves to the 2024 US Election Results

Bitcoin (BTC) Soars to New ATH of $75K, Dogecoin (DOGE) Claims Seventh Largest Market Cap

In a remarkable market surge, Bitcoin (BTC) has reached a record-breaking all-time high of $75,407. Meanwhile, Dogecoin (DOGE) has made its presence felt, claiming the seventh-largest position in market capitalization.

Liquidation Dynamics

Despite the price rally, significant liquidations have occurred. BTC liquidations within the last 24 hours have totaled $247.7 million, while DOGE liquidations have amounted to $41.86 million.

Crypto Market Speculation

As the 2024 U.S. Presidential Election approaches, speculation persists regarding the impact it may have on Bitcoin and the crypto market. While the eventual outcome remains uncertain, the recent performances of BTC and DOGE have sparked interest.

Dogecoin's Bullish Response

During his presidential campaign, Donald Trump expressed positive sentiments towards cryptocurrencies, advocating for domestic Bitcoin production and accepting BTC as payment. Additionally, Elon Musk, a prominent Trump supporter, has consistently endorsed cryptocurrencies through tweets and other actions. These factors have seemingly contributed to Dogecoin's bullish price trajectory.

Dogecoin's Surging Market Position

DOGE's current upsurge has positioned it above Ripple's XRP as the seventh-largest cryptocurrency by market capitalization. It has also entered an overbought zone, with an RSI exceeding 70.

Short-Term or Long-Term Bull Run?

It remains to be seen whether the recent price surges will translate into a sustained uptrend. Post-election indicators for the crypto market remain uncertain, leaving the direction of both Bitcoin and Dogecoin open to speculation.

Additional Highlights

• Bitcoin's all-time high has fueled bullish momentum in the crypto market.