Defying the sluggish performance in the altcoin market, Dogecoin (DOGE) surged 10% within the same timeframe. The rally was sparked by renewed trader interest after Donald Trump mentioned the token during a campaign event on Sunday. DOGE has gained political traction, especially with the involvement of Elon Musk, a close Trump ally, who recently introduced a playful proposal for a “Department of Government Efficiency” (D.O.G.E.) aimed at cutting U.S. government expenditures.
Further fueling excitement, Musk shared a meme of himself with a Dogecoin avatar shortly after attending the Trump event. “This is a clear reflection of Trump’s rising popularity,” said Paul Howard, senior director at crypto trading firm Wincent. “Dogecoin’s fate seems increasingly linked to the U.S. election outcome, especially given Musk’s influence on both.”On the Polymarket blockchain prediction platform, bets now reflect a 66% probability of Trump securing the presidency, up from 61% last week.Meanwhile, broader financial markets were upbeat, with the Dow Jones advancing 0.7%, while the Nasdaq and S&P 500 added 0.3% each. Oil prices tumbled more than 5% after Israeli airstrikes on Iran avoided key oil infrastructure, easing concerns about further conflict escalation in the Middle East.Bitcoin’s Setup Mirrors 2020 Bull Run
Analysts expect further upside for Bitcoin, drawing parallels between today’s market and the 2020 election cycle. According to Matthew Sigel, head of research at VanEck, Bitcoin's current pattern resembles the bullish rally it experienced after the 2020 U.S. presidential election.
“We’re witnessing a similar trend of low volatility leading into the election,” Sigel told CNBC. “Once the election results were confirmed in 2020, Bitcoin surged as new buyers entered the market, driving a 120% rally by year-end.”The parallels between the two periods suggest Bitcoin could see another post-election surge if momentum builds.
Further fueling excitement, Musk shared a meme of himself with a Dogecoin avatar shortly after attending the Trump event. “This is a clear reflection of Trump’s rising popularity,” said Paul Howard, senior director at crypto trading firm Wincent. “Dogecoin’s fate seems increasingly linked to the U.S. election outcome, especially given Musk’s influence on both.”On the Polymarket blockchain prediction platform, bets now reflect a 66% probability of Trump securing the presidency, up from 61% last week.Meanwhile, broader financial markets were upbeat, with the Dow Jones advancing 0.7%, while the Nasdaq and S&P 500 added 0.3% each. Oil prices tumbled more than 5% after Israeli airstrikes on Iran avoided key oil infrastructure, easing concerns about further conflict escalation in the Middle East.Bitcoin’s Setup Mirrors 2020 Bull RunAnalysts expect further upside for Bitcoin, drawing parallels between today’s market and the 2020 election cycle. According to Matthew Sigel, head of research at VanEck, Bitcoin's current pattern resembles the bullish rally it experienced after the 2020 U.S. presidential election.
“We’re witnessing a similar trend of low volatility leading into the election,” Sigel told CNBC. “Once the election results were confirmed in 2020, Bitcoin surged as new buyers entered the market, driving a 120% rally by year-end.”The parallels between the two periods suggest Bitcoin could see another post-election surge if momentum builds.
