Key Points
- Bitcoin’s trading near $100k-mark is attributed to the U.S presidential elections results.
- Elon Musk’s influence could potentially boost Dogecoin’s market.
Bitcoin’s Rise Following U.S Presidential Elections
Bitcoin’s trading value escalated to the vicinity of $100k following the U.S presidential elections held on November 5th. This surge was a result of the growing regulatory clarity benefiting cryptocurrencies, including Ripple’s stablecoin RLUSD. Other crypto assets are also expected to gain from this development.
The President-elect, Donald Trump, suggested a promising future for crypto, including a potential Bitcoin reserve for the United States. During his previous term, Trump correlated the rising stock prices with America’s strength and growth. He may use Bitcoin’s escalating prices to validate his election promises related to cryptocurrencies.
Impacts of Trump’s Presidency and Elon Musk’s Influence on Cryptocurrencies
Trump’s presidency could potentially drive Bitcoin’s value to $280k-$300k levels. This projection is based on the previous cycle’s price action, which witnessed close to 400% gains before April 2021. If this pattern repeats, Bitcoin could reach nearly $300k by April 2025.
Besides, influential figures like Elon Musk could potentially drive other sectors of the market higher. Musk’s public perception as a technological genius has led to a great deal of faith in his words. He has been a key factor in Dogecoin’s rise in the previous cycle. His tweets and announcements, such as Tesla accepting Dogecoin as payment, have significantly contributed to Dogecoin’s market value.
Musk’s position as co-lead of the Department of Government Efficiency (D.O.G.E.) could also lead to Dogecoin pumping. A similar performance for Dogecoin in the coming months could take its value to $1.334. This could be influenced by Musk’s tweets and the capital rotation from Bitcoin to top-performing altcoins towards the end of the cycle.
