Dogecoin Jumps 10%, Outperforming on Trump Popularity as Bitcoin Nears $70K
Bitcoin (BTC) reached a three-month high of $69,800, nearing the $70,000 mark and within 5% of its record high of $73,700. It gained 3% in 24 hours, while the CoinDesk 20 Index rose by 1%. Ethereum's ether (ETH) increased by 0.5%, but tokens like Polygon (POL), Near (NEAR), and Hedera (HBAR) negatively impacted the index. Dogecoin (DOGE) surged 10% after being mentioned at a Donald Trump campaign event, linking it to Trump's popularity and Elon Musk's involvement. Prediction market Polymarket indicates a 66% chance of Trump winning the upcoming election. U.S. stock indexes rose, with the Dow Jones up 0.7%. Crude oil prices fell over 5% following Israeli airstrikes that did not target oil facilities. Analysts suggest BTC's current setup is similar to late 2020, potentially leading to significant gains post-election.
