The crypto market took off today, driven by Bitcoin’s break above $70,000 and Trump’s lead in the polls. Investor optimism soars as the potential for a crypto-friendly administration fuels new highs in major assets, with Solana seeing record demand.
Trump’s Polling Advantage Spurs Crypto Optimism
There are a number of reasons why the cryptocurrency market has soared today. First, the expanding margin of Trump’s lead in the polls bodes well for the future of cryptocurrency. The fact that Trump has previously stated his approval of cryptocurrency assets is the basis for this.
As a result, investors are preparing for the possibility that the former US president would win the elections on November 5. Since a Trump victory would almost certainly lead to regulatory certainty in the US, driving prices up, it is particularly optimistic for the market.
SEC Crackdown Creates Market Tension
There has been a negative effect on the market as a result of the SEC’s persistent crackdown on the cryptocurrency industry. For example, according to CoinGape, crypto business Consensys fired 20% of their employees due to the US SEC’s “Abuse of Power.”
Undoubtedly, Bitcoin’s (BTC) recent breakout above $70,000 is a contributing factor to the upswing in the cryptocurrency industry. It is well-known that when the price of Bitcoin goes up, the prices of all other cryptocurrencies go up as well.
Bitcoin’s $70,000 Milestone Sparks Demand Surge
Factors such as the Spot Bitcoin ETFs have contributed to the significant increase in Bitcoin’s price. For the past three weeks running, these funds have seen net inflows, and they’re almost ready to see a fourth week running as well. There is a lot of buying pressure on the top cryptocurrency due to the huge demand for these assets.
These assets could rekindle the fires that propelled Bitcoin (and the cryptocurrency market) to their all-time high of $73,000 in May of this year.
Solana and Meme Coins Fuel Market Momentum
The bullish developments in the ecosystems of other crypto assets are also contributing to the crypto market boom, alongside Bitcoin. When the meme coin craze on the network reached a fever pitch last week, the price of Solana beat the market.
As a result, there was an enormous surge in demand for SOL, which drove up its price. The network’s DEX volume surpassed all others, including Ethereum, demonstrating the need for Solana.
Dogecoin’s Continued Rally Adds to Market Gains
One more cryptocurrency that stands out is dogecoin. Over the course of a week and a half ago, the leading meme coin experienced a 30% surge. The cryptocurrency market has been seeing a meteoric rise since then, and it has continued its upward trend, placing it among the top performers.
