Crypto Market Holds Steady Amid U.S. Election Uncertainty
Release: 2024/11/05 20:55 Reading: 699
Volatility in Cryptocurrency Market Ahead of Presidential Election Results
As the United States anticipates the outcome of its presidential election, the cryptocurrency market exhibits mixed signals.
On Tuesday, major tokens including Bitcoin, Ethereum, Shiba Inu, NEAR, Protocol, Polkadot, and PEPE traded within a narrow range. However, some altcoins surged, highlighting the volatility typical of the digital asset market.
Dogecoin Leads Rally
Among the top ten cryptocurrencies, Dogecoin recorded the most impressive performance, gaining 10.82% intraday to reach $0.1678. Dogecoin's behavior has diverged from that of most other popular tokens, exhibiting comparatively lower volatility.
Market Dynamics
At the time of writing, Bitcoin (BTC) has increased by 0.32% to trade at $68,781. With an intraday low of $66,803 and a high of $69,100, Bitcoin's market capitalization stands at $1.36 trillion. Over the past week, Bitcoin has experienced a 3.76% decline.
Ethereum (ETH) followed a similar trajectory, decreasing by 1.38% to $2,430, with an intraday low of $2,359 and a high of $2,483. Ethereum's market capitalization is currently $292.68 billion. Notably, Ethereum has witnessed significant outflows, with an estimated $74.24 million withdrawn from spot ETFs, excluding BlackRock's ETHA. This data indicates the challenges faced by the cryptocurrency market in the current environment.
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