Bitcoin Price Rise Due to Trump's Election Odds, Blockchain Firm Says
This year has seen several cryptocurrency market tales, notably for Bitcoin. The cryptocurrency industry and Bitcoin market have been affected by several variables in 2024, from spot Bitcoin ETFs to the fourth halving event to the US presidential elections.
With less than a month before the US elections, much has been written about how they may affect the world's biggest cryptocurrency. IntoTheBlock, a blockchain analytics business, has linked Bitcoin price performance to former President Donald Trump's probability.
How Trump's Win Could Benefit Crypto
In its latest weekly analysis, on-chain analytics company IntoTheBlock said that Bitcoin prices and Donald Trump's chances of winning the November US presidential election had increased. Trump is 60% likely to become president in January 2025, ahead of Vice President Kamala Harris, according to Polymarket.
Trump has been an outspoken backer of the crypto business throughout his campaign, vowing to help integrate and use cryptocurrencies, notably Bitcoin, in his second term. Some stories say the previous president appointed crypto-friendly people to crucial positions in the US banking sector.
Besides criticizing SEC head Gary Gensler, Trump has invested in crypto companies. The former president said in July that the US will establish a “strategic Bitcoin stockpile” instead of selling its digital assets.
In its weekly analysis, IntoTheBlock connected the Bitcoin price and crypto market boom to Trump's heightened chances of winning the presidency. Given the Democratic party's anti-crypto attitude, it would be fascinating to know if this trend affected election results.
Bitcoin Dominance Peaks in Three Years
The current price spike has increased BTC's market share to its greatest level since early 2021. In recent years, Bitcoin dominance has progressively increased to around 65%.
