Bitcoin and Dogecoin Flex Big Moves to the 2024 US Election Results

• Bitcoin (BTC) hits new ATH at $75K, while Dogecoin (DOGE) claims the seventh-largest market cap.
• In the last 24 hours, BTC and DOGE saw the largest liquidations at $247.7M and $41.86M, respectively.

How Bitcoin (BTC) and the crypto market will respond to the 2024 U.S. Presidential Election results remains a focal point of speculation. However, ahead of the outcome, two key players — BTC and Dogecoin (DOGE) — have charted rallies to prominent price peaks.

Why Is Dogecoin Responding So Bullishly?

On the other hand, his prominent supporter, Elon Musk, the CEO of Tesla, has a long history of endorsing crypto, both directly and indirectly through hints. His tweets have been key catalysts for Dogecoin’s price rallies. In the context of the 2024 US election, DOGE’s price response seems aligned with the “Department of Government Efficiency (D.O.G.E.)” D.O.G.E. is presumably the idea of a new government commission that could be chaired by Elon under Trump’s rule.

At present, DOGE exhibits a bullish stride — a 25% pump over the last 24 hours. DOGE flipped Ripple’s XRP and became the seventh-largest cryptocurrency by market capitalization. Moreover, the memecoin has entered an overbought zone, marked by its RSI exceeding 70.

The current price pumps could either be short-lived or catalyze a prolonged uptrend. But indicators of the upcoming trend post-election results remain uncertain