Leading cryptocurrency Bitcoin (BTC) is rising and remains above $65,000 as the chances of Donald Trump being elected as the US president increase.
At this point, analysts warned of major volatility for the two altcoins, stating that BTC could experience price fluctuations as the US presidential elections approach.
Analysts at ETC Group have noted that Bitcoin could move up to 10% in either direction, up or down, depending on the US elections. (Based on the current price of $67,600, a 10% move up would mean Bitcoin breaking its March ATH of $73,600, while a 10% move down would mean the price dropping to $60,600.)
Analysts said that while they expect only a 10 percent fluctuation in Bitcoin due to the election effect, they expect 18 percent and 20 percent downward or upward movements in the prices of two popular altcoins, Cardano (ADA) and Dogecoin (DOGE).
At this point, analysts predict that the biggest impact of the election will be on DOGE and ADA, and warn investors against significant price fluctuations.
ETC Group analysts also announced that they expect a 12.5% downside movement for Ethereum (ETH), a 5.3% downside movement for Avalanche (AVAX), a 12.4% downside movement for Solana (SOL), and a 9.9% upside movement for XRP.
*This is not investment advice.