Bitcoin Price Rally Due To Trump’s Increased Election Odds, Blockchain Firm Claims

This year has been filled with numerous narratives for the cryptocurrency market, especially for the Bitcoin price. Ranging from the spot Bitcoin exchange-traded funds (ETFs), the fourth halving event, to the United States presidential elections, the cryptocurrency industry and the Bitcoin market have been subject to various factors throughout 2024.

With the US elections barely a month away, there has been a lot of commentary on the outcome of the polls and how it could impact the market dynamics of the world’s largest cryptocurrency. Blockchain analytics firm IntoTheBlock is amongst the latest to join this discussion by making a connection between the Bitcoin price performance and the odds of former President Donald Trump.

How Trump’s Win Could Be A Victory For Crypto

In its latest weekly report, on-chain analytics platform IntoTheBlock revealed the price of Bitcoin has been on the rise; but so as the odds of Donald Trump coming out on top in the US presidential elections in November. According to recent data from Polymarket, Trump is 60% likely to be sworn in as the new president of the United States ahead of current Vice President Kamala Harris come January 2025.

Source: Polymarket

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Since the start of his campaign, Trump has been a loud and vocal supporter of the crypto industry while promising to facilitate the integration and adoption of cryptocurrencies, particularly Bitcoin, in his second stint in the Oval Office. Moreover, reports of the former president appointing crypto-friendly personalities into strategic positions in the United States finance industry have emerged.

Besides his unfriendly stance against SEC chairman Gary Gensler, Trump has been delving and investing in various crypto projects. In July, the former president spoke of his plans to build a national “strategic Bitcoin stockpile” for the United States rather than the government offloading its stash of digital assets. 

IntoTheBlock mentioned in its weekly report that the increased likelihood of Trump winning the presidential elections is linked to the recent rally experienced by the Bitcoin price and general crypto market. It would be interesting to see how this trend would roll over to the election outcomes, especially considering the not-so-friendly crypto stance taken by the Democratic party.

Bitcoin Dominance At Highest Level In Three Years

Thanks to the latest surge in price, BTC’s market share has also jumped to its highest level since early 2021. Bitcoin dominance, which has been steadily rising in the past few years, has now surpassed 65%.

As of this writing, the Bitcoin price stands at around $68,350, reflecting a more than 2% increase in the last day. According to CoinGecko data, BTC ranks as the largest cryptocurrency with a market cap of over $1.35 billion.

The Bitcoin price on a daily timeframe | Source: BTCUSDT chart from TradingView

Featured image from Unsplash, chart from TradingView