Amid a small dump in the crypto market, the general masses are expecting a volatility spike. The 47th presidential election in the United States will fuel this increasing uncertainty and speculation.
As Democrats and Republicans try to lure the US population with 21% crypto ownership, the elections this month could steer the markets. So let’s take a closer look at the US elections, the candidates and broader market expectations about Polymarket.
Democrats and Republicans maintain the Pro Crypto balance
As the US presidential elections approach, the crypto market is paying a lot of attention to both candidates. With Donald Trump running against Kamala Harris, who recently replaced Biden, the crypto market is looking for a candidate with better pro-crypto propaganda.
In US constituencies, just over a fifth of the total population owns cryptocurrency. This makes her a large majority of the voting population and could likely determine the outcome of the 47th presidential election. While the Democratic and Republican parties maintain a pro-crypto balance, Donald Trump has long been known as a pro-crypto leader.
PolyMarkt supports Trump’s chances of victory and shows a higher percentage of chances of Trump emerging victorious. As for the numbers, 57% of PolyMarket users have wagered more than $1 billion in support of the Republican victory.
Moreover, Elon Musk, the Doge father, supports Donald Trump and has improved his image among American crypto users. Therefore, broader crypto sentiment supports Donald Trump’s side.
Will increased volatility cause Bitcoin to reach an all-time high?
Amid increased volatility and speculation in the crypto market, the chances of Bitcoin hitting a new all-time high could increase significantly. Currently, Polymarket shows an 82% chance that Bitcoin will reach a new ATH in 2024.
Increased volumes and speculation during the US presidential election could provide enough momentum for Bitcoin to surpass $73,600. This will result in a new all-time high and could be the start of November’s rally.
Wondering if Bitcoin will reach $100,000 in 2024? Find a technical and logical answer in Coinpedia’s BTC price prediction and subscribe to us for the latest crypto updates!
