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Today’s edition of OKEx Insights’ Crypto Market Daily covers Bitcoin, Ethereum, altcoins and DeFi.
The price of Bitcoin ( BTC) is up 0.9% over the past 24 hours after rallying back to test resistance at $14,000 — somewhat surprising price action that took place while many citizens in the United States were at the voting booth. Many altcoins haven’t exactly kept pace, however, with the price of Ether (ETH) only up 0.6% and Bitcoin Cash (BCH) down 1.5%.
Despite the relative stagnation in the altcoin market, the total cryptocurrency market capitalization recovered by 1.3% and now sits just over $400 billion, according to data from CoinGecko. BTC dominance, meanwhile, has increased an additional 0.3% and now sits at 63.3%.
Traditional markets performed well on election day in the United States. The Dow added more than 2% and the S&P 500 gained 1.8%, in line with the Nasdaq’s gain of 1.8%.
However, all is not comfortable on Wall Street, with many still anticipating a contested election that may drag on for weeks after reports of the Biden campaign raising funds for election-related legal battles. Additionally, the possibility for increased civil unrest if President Trump claims a decisive victory increases the likelihood of volatility entering the market.
All eyes today will remain firmly fixed on the election situation in the United States — and the cryptocurrency market may react accordingly.
Top altcoin gainers and losers
- HYC/USDT +20.91%
- LMCH/USDT +19.41%
- TMTG/USDT +15.36%
- LET/USDT -17.47%
- MCO/USDT -33.16%
- PMA/USDT -37.07%
A pair of severe losses stand out the most on today’s list of OKEx’s biggest winners and losers. Both PMA and MCO have sustained losses of over 30%, with the former dropping a whopping 37.07%.
Visit https://www.okex.com/ for the full report.
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BTC assaults $14K as US awaits official election results was originally published in OKEx Blog on Medium, where people are continuing the conversation by highlighting and responding to this story.
Disclaimer
The views and opinions expressed in this article are solely those of the authors and do not reflect the views of Bitcoin Insider. Every investment and trading move involves risk - this is especially true for cryptocurrencies given their volatility. We strongly advise our readers to conduct their own research when making a decision.