Crypto Market Reacts to Trump’s Victory: Bitcoin, Dogecoin, and Ethereum Poised for Gains
Donald J. Trump has won the U.S. presidential election, sparking discussions across financial markets, particularly in the cryptocurrency sector. This outcome has energized the crypto community, with many investors anticipating positive movement in top cryptocurrencies. Here’s a look at how Bitcoin, Dogecoin, and Ethereum might benefit from Trump’s return to office.
1. Bitcoin (BTC): Set for New Highs?
With Trump back in the White House, Bitcoin has seen a surge in bullish sentiment, as the former president is noted for previously downplaying Bitcoin’s potential threat to the U.S. dollar. Analysts believe Trump’s return could propel Bitcoin to new heights, with price forecasts suggesting a potential increase of 33.89%, possibly reaching $91,107 by December 5, 2024. Bitcoin’s current sentiment is strongly bullish, reflected by a Fear & Greed Index score of 69 (greed). Over the past 30 days, Bitcoin recorded 47% green days, with volatility around 4.66%. Many investors see this as an opportune time to buy BTC.
2. Dogecoin (DOGE): Musk’s Influence May Boost DOGE
Dogecoin is another key cryptocurrency that could benefit from Trump’s victory, especially given Trump’s relationship with Elon Musk. Speculation that Musk — the “dogefather” — might take on a role in Trump’s administration has driven optimism around DOGE, with investors hoping such a move could drive the token’s price upward.
Currently, Dogecoin is priced at approximately $0.19. Analysts had previously anticipated a potential drop to $0.14 by the end of next month; however, Trump’s win has created renewed optimism, and Dogecoin may defy earlier forecasts. The token’s sentiment remains bullish, having experienced 57% green days and 15.03% volatility over the past month.
3. Ethereum (ETH): Riding Bitcoin’s Momentum
As the second-largest cryptocurrency, Ethereum frequently mirrors Bitcoin’s trends, and Trump’s victory could indirectly boost ETH. Analysts project Ethereum’s price may increase by 37.12%, potentially reaching $3,593.74 by December 5, 2024. Although Ethereum’s current sentiment is bearish, it historically correlates with Bitcoin’s performance, suggesting that BTC gains could favorably impact ETH. Ethereum recorded 53% green days with 3.47% volatility in the past 30 days.