Bitcoin and Altcoins Remain Stable Ahead of US Election Day

As the US presidential elections approach, Bitcoin has shown some volatility over the weekend, yet overall, its daily price movement remains minimal. The market is bracing for potential shifts in the coming days, with altcoins also displaying a calm demeanor. Among the altcoins, XRP has emerged as the largest gainer, while LINK has taken the most significant hit among the larger market caps.

Bitcoin's Stability Before the Elections

Last Monday began positively for Bitcoin, with the price climbing from $68,000 to a peak of $73,600 by Tuesday, just $150 shy of a new all-time high. However, the momentum shifted, and BTC slipped back to around $72,000. The situation further deteriorated towards the end of the trading week, with Bitcoin dipping below $69,000 at times.

The weekend brought additional challenges as bears pushed Bitcoin down to a weekly low of $67,600. Analysts suggest that Donald Trump's declining chances in the election may be influencing this downturn. Currently, Bitcoin is trading around $68,500, maintaining a similar position to the previous day, with a market cap exceeding $1.350 trillion and a dominance of 56.8% over altcoins. The upcoming elections are expected to impact crypto market movements significantly.

Altcoins Show Limited Movement

In the altcoin market, most cryptocurrencies are relatively stable today. While ETH, BNB, DOGE, TRX, TON, and AVAX show slight gains, coins like SOL, ADA, BCH, and SHIB are experiencing minor losses. XRP leads the larger-cap altcoins with a 2% increase, whereas LINK has seen a 3.5% decline, marking it as the most substantial loser.

The overall market cap remains steady at just under $2.4 trillion, reflecting a calm before any potential storm as the election results loom.

As the US elections draw near, both Bitcoin and altcoins exhibit a sense of calm, with traders and investors awaiting the outcome that could trigger significant market movements.