According to Jinshi, after underperforming Bitcoin for most of this year, smaller cryptocurrencies such as Dogecoin and SOL may end up facing the greatest risk after the U.S. presidential election. Bitcoin rose 4.6% to $70,165 on Tuesday, about 5% below its record high of around $73,800 in March. The cryptocurrency with the largest market value has risen more than 65% this year. On Tuesday, Dogecoin rose 17% at one point, partly because Elon Musk, a long-time supporter of Dogecoin, said that if Trump wins the election, a Department of Government Efficiency (D.O.G.E.) will be established. "For Bitcoin, the U.S. election is not very important," said Zaheer Ebtikar, founder of cryptocurrency fund Split Capital. "For altcoins, if Kamala Harris wins, they may not rebound that much. They are the biggest winners or losers of this election."

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