This year has been filled with many stories about the cryptocurrency market, especially regarding the price of Bitcoin. From Bitcoin exchange-traded funds (ETFs), the fourth halving event, to the US presidential elections, the cryptocurrency industry and the Bitcoin market have been subject to various factors throughout 2024.
Barely a month before the US elections, there has been much commentary on the poll results and their impact on the market dynamics of the world’s largest cryptocurrency. Blockchain analytics firm IntoTheBlock is among the latest to join this discussion by linking Bitcoin’s price performance to former President Donald Trump’s chances.
How Trump’s victory could be a victory for crypto
In its latest weekly report, on-chain analytics platform IntoTheBlock revealed that the price of Bitcoin is rising; but so are the chances of Donald Trump coming out on top in the US presidential elections in November. According to recent data from Polymarket, Trump has a 60% chance of being sworn in as the new President of the United States, ahead of current Vice President Kamala Harris, in January 2025.
Source: Polymarket
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Since the start of his campaign, Trump has been a strong supporter of the crypto industry while promising to ease the mainstreaming and adoption of cryptocurrencies, particularly Bitcoin, during his second stint in the Oval Office . Additionally, reports have emerged that the former president appointed pro-crypto figures to strategic positions in the US financial sector.
Aside from his hostile stance toward SEC Chairman Gary Gensler, Trump has leaned into and invested in various crypto projects. In July, the former president spoke of his intention to build a national “strategic Bitcoin stockpile” for the United States rather than letting the government offload its digital asset stash.
IntoTheBlock mentioned in its weekly report that the increased likelihood of Trump winning the presidential election is linked to the recent rise in the price of Bitcoin and the general crypto market. It would be interesting to see how this trend would play out in election results, especially given the Democratic Party’s less-than-favorable stance on crypto.
Bitcoin dominance at highest level in three years
Thanks to the latest price surge, BTC’s market share has also reached its highest level since the beginning of 2021. Bitcoin’s dominance, which has been steadily increasing in recent years, has now exceeded 65%.
At the time of writing, the Bitcoin price stands at around $68,350, reflecting an increase of over 2% over the past day. According to CoinGecko data, BTC ranks as the largest cryptocurrency with a market capitalization of over $1.35 billion.
The Bitcoin price on a daily timeframe | Source: BTCUSDT chart from TradingView
Featured image from Unsplash, chart from TradingView
