As the United States gears up for the presidential election on November 5, financial markets worldwide, including stock markets and the cryptocurrency sector, have experienced a spike in volatility. Bitcoin, the pioneering cryptocurrency, saw a slight increase, recording a marginal profit of less than one percent on both national and international exchanges on Monday, November 4.
At the time of analysis, Bitcoin was trading at approximately $69,050 (around Rs. 58 lakh) on international platforms, according to data from CoinMarketCap. Simultaneously, Indian cryptocurrency exchanges reported a Bitcoin price of about $70,168 (around Rs. 59 lakh). The heightened market activity can be attributed to the uncertainty surrounding the impending US presidential elections.
As noted by CoinSwitch's market desk, the Bitcoin network has already achieved a record-breaking number of transactions, surpassing the 20 million mark in October alone. Despite Bitcoin being close to its all-time high and achieving over 60 percent market dominance—a level not seen in nearly four years—the anticipation surrounding the election results looms large over the market.
Meanwhile, Ether, another prominent cryptocurrency, registered a 0.28 percent decline over the past 24 hours. The price of Ether on foreign exchanges stood at $2,465 (approximately Rs. 2.07 lakh) as per CoinMarketCap, whereas Indian exchanges quoted it at $2,756 (roughly Rs. 2.31 lakh).
Alongside these, cryptocurrencies like Tether, Binance Coin, and Solana saw their prices drop. Other notable digital currencies like Dogecoin, Cardano, Shiba Inu, and Avalanche also faced losses on Monday, as indicated by Gadgets360's crypto price tracker. Despite the fluctuations, several cryptocurrencies such as USD Coin, Ripple, Tron, Monero, and Stellar managed to hold onto slight profits. Lesser-known cryptocurrencies like Ardor, Braintrust, Elrond, and Circuits of Value similarly registered minor gains.
CoinMarketCap data revealed a two percent drop in the overall valuation of the crypto market over the last 24 hours, bringing the sector's market cap to approximately $2.25 trillion (roughly Rs. 1,89,18,641 crore). According to Edul Patel, CEO of Mudrex, technical analyses show a building momentum, yet investor reactions to the election results and the upcoming Federal Reserve policy meeting later this week could significantly influence cryptocurrency prices.
Cryptocurrency remains an unregulated digital asset and is not considered legal tender, bearing inherent market risks. The information in this text is not intended nor should it be considered as financial or trading advice, nor does it reflect any recommendations endorsed by NDTV. NDTV shall not bear responsibility for any investment losses arising from interpretations of this text as advice or forecasts.
