The cryptocurrency market started an upward trend today with Trump leading the election race and significant increases were experienced.
At this point, Bitcoin (BTC) price broke new records, while Ethereum (ETH), Solana (SOL) and XRP prices increased by 6%-16% during the day.
Dogecoin Among the Top Rising Altcoins!
However, Dogecoin (DOGE) in particular continued its recent upward momentum amid growing expectations for a Trump win, rising by 25% and breaking the $0.2 price level.
DOGE skyrocketed to $0.2 on US Election Day, reaching a seven-month high.
Dogecoin also surpassed Ripple (XRP) in terms of market cap, becoming the 7th largest cryptocurrency with a market cap of $30.2 billion.
However, Ripple regained the 7th place. Currently, the market values of XRP and DOGE are $30.3 billion and $30.2 billion, respectively. However, while their market values are very close to each other, Dogecoin can overtake XRP at any time.
Solana Leaves BNB Behind!
Apart from Dogecoin, Solana has also seen a huge increase in the last 24 hours and has surpassed BNB in terms of market value.
Solana (SOL) has reached the fourth spot with a market cap of $87.79 billion, according to CoinMarketCap data. SOL has overtaken Binance Coin (BNB), which currently sits in fifth place with a market cap of $83.92 billion. SOL is currently trading at $186.5 and is up 16.3% in the last 24 hours.
The Rise Is Just Beginning!
Speaking to Decrypt, eToro analyst Josh Gilbert said that the rise has just begun, saying:
“Even though Bitcoin is at record highs, it appears that this rally is just beginning. There are many factors behind this bull market that could push the asset even higher.
This could be a good sign for altcoins like DOGE, which usually rise along with Bitcoin's major moves, and a continuation of the rise.”
It is worth noting that Elon Musk supports Republican candidate Donald Trump in the US presidential race.
DOGE is currently trading at $0.2073 at the time of writing.
*This is not investment advice.