Singapore-based cryptocurrency trading firm QCP Capital released a new market analysis indicating that Kamala Harris and Donald Trump are in a close contest, as the odds on Polymarket have aligned more closely with current poll estimates. While Polymarket odds still favor Trump at 55%, this figure has dropped from 66% just a week earlier.
Additionally, the market’s cautious sentiment is reflected in the sideways price movement over the weekend and the reduction in leveraged perpetual contract positions, which fell from $30 billion to $26 billion across exchanges. QCP Capital suggests this may be a period of calm before a potential breakout from the prolonged range, possibly leading to new all-time highs.
The options market has also experienced a surge in buying activity, particularly for $75,000 call options set to expire at the end of November, which has been notable since last Friday. As the election date approaches, the number of related options positions is increasing, with implied volatility exceeding 87 on Friday, while actual volatility remains around 40.
Analysts expect spot prices to fluctuate within this range until the election results become clearer this week. A victory for Donald Trump could lead to a swift price increase, while a win for Kamala Harris may result in the opposite effect.
Bitcoin Trades Below $69,000, While Overall Crypto Market Faces Decline
As of this writing, Bitcoin is trading at $68,947, reflecting a 0.59% increase over the last 24 hours. The cryptocurrency reached an intraday low of $67,574 and a high of $69,324. Bitcoin’s market capitalization stands at $1.36 trillion, with its market dominance increasing by 1.37% from yesterday to 60.49%. This upward movement corresponds with considerable weekly inflows of $2.22 billion into spot Bitcoin exchange-traded funds (ETFs), according to data from SoSoValue.
In contrast, the global cryptocurrency market capitalization has experienced a decline of 1.83%, dropping to $2.25 trillion. However, the total cryptocurrency market volume has seen a substantial increase of 25.50%, rising to $72.44 billion today, as reported by CoinMarketCap.
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