DOGE beats Bitcoin on Election Day

As major tokens bled red, Dogecoin (DOGE) jumped more than 12% while markets dipped ahead of the much anticipated US elections. The biggest crypto, Bitcoin (BTC), looked confused as its price hovered around the $69,000 price level.

The global crypto market cap dropped marginally on what is said to be the most important day for digital assets in recent times. The total market cap stood at $2.29 trillion with a trading volume of $85.25 billion. 

Dogecoin rockets 54% in 30 days

Dogecoin price has recorded a surge of around 54% in the last 30 days, thanks partly to a surprising nod from Elon Musk. He linked it with his proposed Department of Government Efficiency (D.O.G.E.) to make government spending leaner.

The ongoing surge of over 12% jump in a day has helped DOGE erase its last week dump and print green index on the longer frame. Dogecoin is now up by a whopping 88% on a year-to-date basis. DOGE is trading at an average price of $0.168, at press time. Its 24-hour trading volume is up by 56%, standing at $3.2 billion.

Coinglass data shows that $17.31 million worth of bets set (both long and short) on Dogecoin price move have been liquidated in the last 24 hours. However, $9.90 million worth of liquidated bets (57%) turned out to be short positions. This suggests that traders were expecting DOGE price to drop ahead of the big day but bullish sentiments won.

DOGE price leap has pushed the top meme tokens to rally. The total meme cryptos market cap spiked by 5% in the last 24 hours to stand at $57.41 billion. Its 24-hour trading volume zoomed by 16%, standing at $6.75 billion.

Bitcoin slips 3%

Bitcoin faces selling pressure as defunct exchange Mt. Gox moved $2.2 billion in BTC. This raises concerns about creditor repayments and a possible sell-off. Adding to the turbulence, Bitcoin ETFs saw a record $579.5 million outflow on Monday as markets brace for Election Day volatility.

The close race between pro-crypto Donald Trump and regulatory advocate Kamala Harris has left traders on edge. Bitcoin’s future policy direction could hinge on the election outcome with subsequent policy shifts.

Bitcoin price has dropped by over 3% in the past 7 days. In March, BTC hit an all-time high of $73,700, buoyed by ETF inflows. BTC is trading at an average price of $68,916, at press time.