Bitcoin’s bullish move to continue
The report reveals that a significant majority of investors believe in Bitcoin’s potential to rise under Trump’s administration. Specifically, 80% of the surveyed investors think that Bitcoin will experience a substantial price increase if Trump is re-elected, while only 20% believe his presidency could negatively impact the crypto market.
Discussions about Trump’s political influence on Bitcoin have intensified, accounting for 25% of all crypto-related posts on social media, further highlighting the significance of this political development.
In July, Bitcoin faced a challenging market environment, hitting a six-month support level at $53,485 due to sell-side pressure. However, it managed to recover to $66,000, with 86% of investors remaining profitable during this period.
Analysis of on-chain metrics
Positive funding rates in Bitcoin futures since May 2024 indicate that traders are optimistic about Bitcoin’s long-term price increase, suggesting a bullish sentiment in the market.
Furthermore, the derivatives market, which often serves as a predictor of future trends, shows a strong long-term outlook for Bitcoin, further supporting the bullish hypothesis.
As the 2024 U.S. presidential election approaches, the crypto market is closely monitoring political developments. The potential re-election of Donald Trump could significantly influence Bitcoin’s price, making it a crucial factor for investors to consider.
The report also delves into the performance of other major cryptocurrencies and sectors. Solana, for instance, has seen a significant increase in its staking system, attracting $61 billion and surpassing Ethereum. This growth is attributed to its user-friendly staking process and expanding DeFi ecosystem.
Additionally, the report highlights the rising popularity of GameFi tokens, with daily trading volumes reaching $2.5 billion. Gaming tokens like Immutable (IMX) and Gods Unchained (GODS) have shown remarkable gains, indicating strong investor interest in the GameFi sector.