As the United States approaches the election of its 47th President on November 5, investment markets, including stocks and cryptocurrencies, are experiencing heightened volatility. On Monday, November 4, Bitcoin saw a modest gain of under one percent across both national and international exchanges. As of the latest data from CoinMarketCap, Bitcoin (BTC) was trading at $69,050 (approximately ₹58 lakh) on foreign exchanges. In India, the cryptocurrency was priced higher, at ₹70,168 (around ₹59 lakh) on platforms like CoinSwitch and Giottus.
The CoinSwitch markets desk commented, “While the world is waiting for the result of the US presidential elections, it is worth noting that the number of transactions on the Bitcoin network reached an all-time high in October, surpassing the 20 million mark.” This surge in activity comes as Bitcoin nears its all-time highs and has captured over 60 percent of market dominance, a level not seen in nearly four years.
In contrast, Ether (ETH) experienced a slight decline of 0.28 percent in the past 24 hours. It was trading at $2,465 (about ₹2.07 lakh) on foreign exchanges, while on Indian platforms, it was priced at $2,756 (around ₹2.31 lakh).
Other cryptocurrencies, including Tether, Binance Coin, and Solana, also reported price drops, alongside Dogecoin, Cardano, Shiba Inu, and Avalanche. Additional losses were noted among Chainlink, Bitcoin Cash, Polkadot, Leo, Litecoin, Near Protocol, and Uniswap, according to Gadgets360’s crypto price tracker.
Overall, the valuation of the cryptocurrency market fell by two percent over the past day, with the total market capitalization now around $2.25 trillion (approximately ₹189.2 lakh crore). However, some digital assets like USD Coin, Ripple, Tron, Monero, and Stellar managed to maintain minor gains. Additionally, Ardor, Braintrust, Elrond, and Circuits of Value also saw slight increases.
Edul Patel, CEO of Mudrex, noted, “Although technical charts suggest momentum is building, investors’ reactions to the election outcome will be the key driver of price action.” In the coming days, cryptocurrency insiders expect further market fluctuations in response to the US election results and an impending Federal Reserve policy meeting later this week.
It is essential to note that cryptocurrency remains an unregulated digital currency, not considered legal tender and subject to market risks. This report is not intended as financial or trading advice. NDTV does not assume responsibility for any losses arising from investments based on this information.
