During the night, Trump confirmed his lead over Harris, and the crypto seem to be bullish again, with the value of Bitcoin reaching new ATH and Ethereum rising by over 7%.
The most bullish cryptos: the value of Bitcoin and Ethereum rises during Election Day in the USA
The last 24 hours mark what in the USA is the much-anticipated “Election Day”, and while the citizens go to vote, the crypto seem to ride the wave of the bullish.
In fact, the value of Bitcoin and Ethereum has risen, to the point that BTC has recorded its new ATH or All-Time High (historical maximum) at the price of over $75,000.
At the time of writing, Bitcoin (BTC) is worth $73,417 and Ethereum (ETH) $2,595. Both cryptos remain significantly in a price pump compared to 24 hours ago.
In the meantime, the focus is also on the temporary results of the voting. At the time of writing, Donald Trump, the Republican candidate for the Presidency, is leading with 51.2%. The rival Kamala Harris, the Democratic candidate, is just behind with 47.4% of the votes.
Anything can still happen, but if there were to be a victory for Donald Trump as President of the USA, what was promised in the electoral campaign should occur, namely government support for the development of the crypto sector.
Crypto in Bullish and the value of Bitcoin and Ethereum: the sentiment is “enthusiasm”
Besides the price, returning to the cryptos in bullish in the last 24 hours, it is necessary to also look at the market sentiment.
Regarding Bitcoin, the latest value of the Fear and Greed Index indicated a score of 70 “enthusiasm” when the price of BTC was at $71,000
On the contrary, while ETH was worth $2,424, its Index Fear and Greed score was 55, which means an enthusiasm just above the neutral zone
This difference in score suggests that the “Election Day” we are experiencing is considered by the crypto community to be more encouraging for Bitcoin than for Ethereum.
The price forecasts for BTC and the future of ETH
Recently, the financial company Bernstein shared its forecast for the price of Bitcoin, which says it could reach $200,000 by the end of 2025.
This forecast is based on an explosive growth of Bitcoin, not necessarily due to the outcome of today’s Election Day in the USA. On the contrary, according to Bernstein, it will be macroeconomic, financial, and geopolitical factors that will support its hypothesis of BTC growth.
Looking further into the future, there is also the bold prediction from VanEck, the leading investment company, which claims that the price of BTC could reach 3 million dollars by 2050.
Regarding the future value of Ethereum, in addition to any price forecasts, what recently happened was theintervention of its co-founder Vitalik Buterin.
Buterin shared some of his reflections on the future of the protocol after the Merge, describing key areas of evolution for the Proof-of-Stake blockchain.
Source: https://en.cryptonomist.ch/2024/11/06/the-crypto-are-bullish-again-the-value-of-bitcoin-and-ethereum-has-exploded-in-the-last-24-hours/