The total crypto market cap rallied over 5 percent in the past 24 hours, led by Bitcoin (BTC), to hover around $2.51 trillion on Wednesday, November 6, during the early Asian session. The flagship coin surged over 6.9 percent in the past 24 hours to reach a new all-time high (ATH) of above $74.5k at the time of this writing.
Dogecoin (DOGE), the leading meme coin backed by tech billionaire Elon Musk, led the top-tier altcoins in gains. According to the latest market data, Dogecoin price spiked over 16 percent in the past 24 hours to trade 19 cents on Wednesday during the early Asian session.
Following the notable rise in crypto volatility, more than $258 million was liquidated from the leveraged market, mostly involving short traders.
Peter Schiff Cautions Crypto Traders of Potential Retrace Ahead
By now, it is safe to assume that the cryptocurrency market has been reacting to the preliminary results from the United States 2024 elections. Early election results show that Republican presidential candidate Donald Trump has secured an early lead, even in crucial swing states.
According to a popular prediction platform, Polymarlet, the odds of Trump winning the US presidential election have spiked to a new ATH of nearly 80 percent as of this report. However, crypto critic Peter Schiff has cautioned traders of a potential selloff in the near term.
“The dollar is rising, while bonds and gold are selling off. Of the three, only bond traders have it right, but for the wrong reason. Harris would’ve been worse than Trump, but the real crash hasn’t been averted,” Schiff noted.
Market Picture
As Bitcoin price rallied above $73k in the past two months, the altcoin market, led by dog-themed meme coins, has gained significant bullish momentum. According to a popular crypto analyst Ali Martinez, the highly anticipated altseason could kick start in the next eight weeks as Bitcoin dominance prepares for the inevitable reversal.
Meanwhile, institutional investors have continued to watch from the sidelines, as shown by the third day of cash outflows from the US spot BTC ETFs.
