As the United States prepares for the presidential election results, the cryptocurrency market sends different signals. On Tuesday, while major tokens, including Bitcoin, Ethereum, Shiba Inu, NEAR, Protocol, Polkadot, and PEPE remained fairly range-bound, some altcoins rallied, demonstrating the volatility that has characterized the market for digital assets.
Dogecoin Leads Gains
Among the top ten cryptocurrencies, Dogecoin was the day’s best performer, gaining 10.82% intraday to change hands for $0.1678. Dogecoin’s performance has been quite different from that of most popular tokens; it has shown less volatility.
As of press time, Bitcoin (BTC) is up by 0.32% and trading at $68,781. With an intraday low of $66,803 and a high of $69,100, Bitcoin’s market cap settled at $1.36 trillion. Over the last week, Bitcoin saw a 3.76% decline.
Ethereum (ETH) followed a similar pattern, slipping 1.38% to $2,430, with an intraday low of $2,359 and a high of $2,483. Ethereum’s market cap was recorded at $292.68 billion. Ethereum experienced significant outflows, with an estimated $74.24 million withdrawn from spot ETFs, excluding BlackRock’s ETHA. This data underscores the challenges faced in the current market environment.
Altcoin Volatility Spikes
Shiba Inu (SHIB) also had positive movement, rising by 4.27% intra-day to trade at $0.0000176. Polkadot and NEAR Protocol also showed signs of growth and captured market trends despite the volatility. At the same time, Pepe Coin (PEPE) fell 1.05%, indicating the level of action of the less popular tokens.
According to CoinMarketCap data, stablecoins accounted for 95.19% of the total crypto market’s 24-hour trading volume, reaching $79 billion. This surge in stablecoin trading suggests a conservative approach from investors who may be holding positions in anticipation of the election results.
Shiba Inu Nears Key Price Level with Potential for VolatilityRegulation Concerns Ahead
The trends of the crypto market demonstrate a certain level of optimism concerning further capital movement. Political factors regarding crypto regulation are also of great interest to market participants, and the latter can also affect these assets. So far, most major tokens have not seen a significant change in the market. The rally of meme coins, particularly Dogecoin, shows that investors continue to search for potential assets to invest in amid volatility.
