Bitcoin plummeted further, but Dogecoin rose as cryptocurrency investors braced for the high-stakes presidential election.
| Cryptocurrency | Gains +/- | Price (Recorded at 8:30 p.m. EDT) |
| Bitcoin BTC/USD | -0.55% | $67,984.27 |
| Ethereum ETH/USD | -1.55% | $2,404.36 |
| Dogecoin DOGE/USD | +9.07% | $0.1625 |
What Happened: The world’s largest cryptocurrency fell to $66,800 in the early evening before recovering above $68,000 overnight.
Donald Trump’s increasing odds on Polymarket failed to boost the leading coin, which has now erased all of its gains since the climb to near-new highs last week.
Ethereum also encountered heavy sell-offs, while Dogecoin outperformed the market with over 8% gains in the last 24 hours.
Cryptocurrency liquidations breached $200 million in the last 24 hours, with bullish leveraged positions accounting for over 75% of the total.
Bitcoin's Open Interest dropped 0.87% in the last 24 hours. Interestingly, 60% of the top traders on the cryptocurrency exchange Binance were leveraged long on Bitcoin as of this writing.
The market sentiment remained in the "Greed" zone, as per the Cryptocurrency Fear and Greed Index, indicating the potential for higher buying pressure in the days to come.
Top Gainers (24-Hours)
| Cryptocurrency | Gains +/- | Price (Recorded at 8:45 p.m. EDT) |
| Dogecoin (DOGE) | +8.62% | $0.1633 |
| Mog Coin (MOG) | +3.44% | $0.000001779 |
| Monero (XMR) | +1.90% | $159.68 |
The global cryptocurrency stood at $2.22 trillion, following a decline of 2.92% in the last 24 hours.
Stock cracked ahead of the all-important election. The Dow Jones Industrial Average slipped 257.59 points, or 0.61%, to close at 41,794.60. The S&P 500 lost 0.28% to end at 5,712.69, while the tech-heavy Nasdaq Composite dipped 0.33%, closing at 18,179.98.
Additionally, prices of U.S. Treasurys rose, with the yield for the 10-Year Treasury falling to 0.3% on Monday. This suggested that investors sought refuge in risk-free investments ahead of elections.
See More: Best Cryptocurrency Scanners
Analyst Notes: Widely followed cryptocurrency analyst Miles Deutscher highlighted the two possible trajectories Bitcoin could follow after the election outcome.
In the event of a Trump victory, he predicted an immediate rally and a new all-time high this year. On the other hand, a Kamala Harris victory would cause a sell-off and push the highs back to the first quarter of 2025.
"Either way BTC goes to $100,000+, it’s just the path that changes," Deutscher added.
Influential cryptocurrency analyst and trader Ali Martinez likened Ethereum's trajectory to the S&P 500, noting that this could be the last dip for the second-largest cryptocurrency before it sails to $10,000.
Additionally, Martinez observed a buy signal for Bitcoin on the 12-hour chart using the TD Sequential indicator.
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