ith the upcoming U.S. presidential election, the cryptocurrency market sees huge fluctuations. Among them, Dogecoin surged after business tycoon Elon Musk comments, while high market capitalization cryptocurrencies such as Bitcoin and Ethereum struggled to record losses.
Musk's Influence on Dogecoin
Elon Musk's comments about Dogecoin in his recent interview shook the market performance of the cryptocurrency.
Dogecoin surged about 15% following his comments, in contrast with Bitcoin and Ethereum which were in an unhealthy decline.
According to CoinMarketCap, Bitcoin was down by 5% at approximately $68,814, while Ethereum declined to $2,439. Musk's endorsement has kept Dogecoin in the headlines and this makes the cryptocurrency one of the hot topics of discussion among players, particularly in the political climate.
Bitcoin and Ethereum Under Election Stress
The loss in Bitcoin and Ethereum comes because investors are skeptical about the recent election in the United States. According to market analysts, this spillover from traditional markets into cryptocurrencies is common, especially when there is growing scrutiny from regulators.
The market capitalization of cryptocurrency has equally been erratic, sliding to around $1.07 trillion, with Bitcoin and Ethereum being the biggest sufferers. According to analysts, this change in administration may mean changes in regulatory policy that would continue to beat down the crypto market.
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