Crypto Price Today (Nov 5th, 2024): U.S. Election Hammers Bitcoin & Altcoins?

Crypto Market Rebounds Slightly Amidst Election Uncertainty

The cryptocurrency market has seen a modest uptick today, with a 0.26% increase in global market capitalization to $2.25 trillion. 24-hour trading volumes have also grown by 13.52% to $79.83 billion.

Election Draws Near, Influencing Sentiment

With the U.S. presidential election approaching, crypto investors are paying close attention to the Trump-Harris race. The outcome is expected to impact market sentiment and volatility. The Fear & Greed Index remains at a neutral 50, reflecting uncertainty as traders ponder the potential implications for crypto regulation.

Bitcoin Responds to Political Jitters

Bitcoin has gained 1.21% over the past day, reaching $69,417.3. Initial gains were attributed to optimism about Donald Trump's election chances, given his pro-crypto stance. However, with polls showing a narrowing lead for Trump, Bitcoin has become more skittish. Trading volumes have surged by 16.94% in the last 24 hours, indicating increased speculation ahead of the election.

Altcoins Show Mixed Reactions

Ethereum has experienced a modest 0.49% rise to $2,466.67. Solana slightly outperformed, gaining 1.39% to hit $165.57. XRP has remained relatively stable, rising only 0.08% to $0.5103. Both Trump and Harris have indicated plans for crypto regulations, contributing to the volatility in this sector as investors seek clarity on their stances.

Top Gainers and Losers: Dogecoin Spikes

Dogecoin led the top performers with a 9.08% jump to $0.1717, possibly driven by increased speculation related to the election. Mog Coin and Fetch.ai (FET) also saw strong gains, rising by 8.56% and 7.86%, respectively.

Conversely, Thorchain (RUNE) has declined by 5.70% to $4.64. Helium (HNT) and Kaia have also fallen by 5.38% and 4.78%, respectively, as investors adjust their risk appetites in the uncertain market conditions.

As election day approaches, the crypto market remains susceptible to political developments. Traders are monitoring closely for any policy announcements that may shape the regulatory landscape for cryptocurrency in the U.S.