Dogecoin Hits The Spotlight with 10% Surge on Trump’s Wàve While Bitcoin Eyes Further Price Surge

Bitcoin shows signs of a bullish setup similar to late 2020, with momentum building as the US election approaches.Meanwhile, Dogecoin draws attention after a campaign mention, pushing its value up 10% amidst a mixed altcoin performance.

Dogecoin Surges Amid Political Buzz

Dogecoin (DOGE) surged 10% on Monday, defying the general altcoin downtrend. The gain followed a recent mention during Donald Trump's campaign event. The mention amplified interest in Dogecoin, with traders rallying around the canine-themed crypto.

The recent association between Dogecoin and Trump's campaign emerged through Elon Musk's public endorsement. Musk, a prominent crypto advocate, now engages actively with Trump's campaign, increasing Dogecoin's visibility.

Elon Musk

Head of Department of Government Efficiency pic.twitter.com/mLBxj0Kf8R

- DogeDesigner (@cb_doge) October 28, 2024

He also suggested a Department of Government Efficiency," abbreviated as DOGE, aiming to curb government spending.

We will add a parenthetical Not" right before Department, so that way it is:

Not-a-Department of Government Efficiency"

Problem solved! https://t.co/VlK1IM0Uuf

- Elon Musk (@elonmusk) October 29, 2024

Following the rally, Musk tweeted a Dogecoin meme featuring himself, adding further excitement. It's a play on Trump's popularity," remarked Paul Howard, Senior Director at crypto firm Wincent, via Telegram.

Dogecoin's popularity links it closely with Trump's presidential prospects, especially through Musk's involvement," he added.

This association continues to drive attention to the altcoin, giving it a political edge as the election nears.

Bitcoin Approaching Record Levels Near $70,000

Bitcoin (BTC) continues its impressive climb, reaching $69,800-just shy of its March peak of $73,700. BTC rose by 3% over the past 24 hours, outpacing the CoinDesk 20 Index, which managed only a 1% gain.

Among other altcoins, Ethereum (ETH) saw a modest 0.5% gain, while tokens like Polygon (POL), Near (NEAR), and Hedera (HBAR) dipped slightly.

Matthew Sigel, Head of Research at asset manager VanEck, emphasized BTC's strong position as the election approaches.

This is a very bullish setup for Bitcoin leading into the election," Sigel stated in an interview with CNBC.Sigel's observation draws from Bitcoin's late 2020 rally, which followed a similar pre-election setup.

In 2020, Bitcoin rallied significantly post-election as new buyers entered," Sigel explained.

Bitcoin surged roughly 120% between November 2020's election and year-end. The current setup suggests similar opportunities, especially if Bitcoin breaks key resistance levels.

Market Predictions and Bitcoin's Historical Setup Suggests More Gains

On the prediction market platform Polymarket, Trump's odds of winning the election have risen, now reflecting a 66% chance. This increase from last week's 61% highlights the growing market interest in election-driven predictions.

The sentiment surrounding Trump's odds aligns with Dogecoin's recent surge, suggesting possible election-related influence.

US stocks also closed higher on Monday, with the Dow Jones gaining 0.7%, while the Nasdaq and S&P 500 rose 0.3% each. Meanwhile, crude oil prices fell by more than 5% after Israeli airstrikes on Iran avoided oil facilities.

These developments in traditional markets add a mixed backdrop to crypto activity, especially as election excitement builds. Experts anticipate further Bitcoin gains due to its bullish pattern, which resembles the late 2020 rally.

Bitcoin has shown low volatility leading up to the election, similar to 2020," Sigel noted. Once an election winner is confirmed, we typically see increased volatility and buying interest."

Should Bitcoin follow its previous pattern, analysts believe it could break the $70,000 level and potentially surpass its record high.

The crypto community's growing optimism suggests an impactful election season, with Bitcoin as a focal point for investors. With Bitcoin and Dogecoin capitalizing on current trends, the crypto market remains highly responsive to political and economic factors.

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