The cryptocurrency market exhibited mixed trends on Tuesday as investors awaited the outcome of the highly anticipated US presidential election.
Key cryptocurrencies such as Bitcoin, Ethereum, BNB, Solana, and Toncoin experienced declines of up to 6%. In contrast, tokens like XRP, Dogecoin, Shiba Inu, Polkadot, and NEAR Protocol posted gains of up to 10%.
As of 12:41 pm IST, Bitcoin (BTC) was trading 0.4% lower at $68,733, while Ethereum saw a drop of 1.7%, reaching $2,430.
Despite individual token fluctuations, the overall global cryptocurrency market capitalisation rose by 0.36% over the past 24 hours to approximately $2.26 trillion.
“Bitcoin continues to face selling pressure as uncertainty rises with only hours before the US election. Market sentiment has been affected by factors such as Trump’s diminishing odds, weak non-farm payroll data, and the transfer of $2.2 billion in Bitcoin by Mt. Gox to unmarked wallets, prompting a cautious approach from investors. BTC currently encounters resistance at $69,000, with solid support around $65,950,” said Edul Patel, CEO of Mudrex.
The CoinSwitch Markets Desk also commented on the situation: “Market volatility remains elevated due to US election voting and the FOMC meeting this week. Historically, BTC has shown a tendency to rally post-election week, indicating that current dips may be short-lived noise.”
According to CoinMarketCap, stablecoins accounted for $79 billion, representing 95.19% of the total 24-hour cryptocurrency trading volume.
Over the past day, the market cap of Bitcoin, the world’s largest cryptocurrency, dropped to $1.358 trillion, while its market dominance stood at 60%. BTC’s 24-hour trading volume increased by 24%, reaching $41.54 billion.
Earlier in the day, Bitcoin touched $66,800 amid broader market selling. “Bitcoin has slipped below $68,000 amid a wider selloff, with spot ETFs experiencing outflows.
The substantial sell volumes hint at potential further consolidation unless there is a strong, volume-backed rally towards $70,000,” remarked Vikram Subburaj, CEO of Giottus.
