Bitcoin Crosses the $74.7K Mark as Trump Inches Closer to Victory in the US Presidential Elections

Amid the increasing chances of Trump becoming the next U.S. president, Bitcoin has crossed the $74,700 mark. As it inches closer to $75K, it trades near all-time high levels.

As the chances of Donald Trump becoming the next U.S. president continue to rise, Bitcoin has surpassed the $74,700 mark. It trades close to all-time highs as it approaches $75K.

Coinpedia's latest BTC price analysis, focusing on the U.S. elections, will reveal Bitcoin's next potential price targets if Trump officially wins!

Trump Set for Victory

With 230 electoral votes to Kamala Harris' 187, Donald Trump leads the U.S. elections as the Republican Party edges closer to victory. At press time, Trump has 51.7% of the vote, boosting his chances of becoming the next U.S. president.

Moreover, Trump is leading in the majority of the critical swing states that decide the U.S. presidential election. On the Polymarket, the chances of Donald Trump becoming the next U.S. president have risen dramatically, reaching 94.6%. The betting volume is approaching $1.5 billion, while Kamala Harris' chances have decreased by about 5%.

Crypto Market Analysis

Amid such increasing bullish influence, Bitcoin's dominance rises, inching closer to 60%. Meanwhile, altcoins have registered gains of nearly double-digits.

Solana is among the top performers, rising by about 17% to overtake Binance and become the fourth-largest cryptocurrency. It attained a market cap of $88 billion and currently trades at $186.

The top performers include Goat, which had a 24-hour surge of 46%, followed by Dogecoin and Uniswap, which had a 30% and 23.6% surge, respectively. Dogecoin attained a market cap of $30 billion and currently trades at $0.2104, inching closer to a new 52-week high.

BTC Price Analysis

Returning to Bitcoin, the BTC price chart on Tradingview reveals a massive bullish engulfing candle as the post-retest reversal gains momentum. In the past 24 hours, it has risen by 9.28% and attained a market cap just below the $1.5 trillion market cap.

The past two candles account for a price surge of 10.86% and have surpassed the 100% Fibonacci level, inching closer to the 1.272 Fibonacci level at $79,000. This could be a potential target by the end of the day. The MACD indicator gave a bullish crossover, supporting the bullish trend.

Curious to know if Bitcoin will hit $100,000 in 2024? Find a technical and logical answer in Coinpedia's BTC price prediction, and subscribe to us for the latest crypto updates!

The above is the detailed content of Bitcoin Crosses the $74.7K Mark as Trump Inches Closer to Victory in the US Presidential Elections. For more information, please follow other related articles on the PHP Chinese website!