The US presidential election officially started on November 3 and the first ballot boxes were opened. Many scenarios have been put forward on how the price of the leading cryptocurrency Bitcoin (BTC) will be affected if Donald Trump or Joe Biden wins. However, there are few scenarios for the altcoin market as to what would happen if Biden wins. So how exactly will Biden’s presidency affect altcoins like Ethereum and XRP?
In fact, it is seen that Joe Biden is ahead in the polls announced before the election. According to the results of the national survey published by the Real Clear Politics site, it was seen that Biden was ahead of Trump with 7.4 points. In addition, 5 of 5 games went to Biden in the village of Dixville Notch, which was the first ballot box opened, and in fact, a representative victory was achieved.
While counting the ballot boxes will take overnight, many authorities are already certain that Biden will win. So what does this mean for altcoin investors? In fact, it is known that with the election of Biden, the coronavirus incentive payment will be implemented much faster and in a higher amount than planned. This will reduce the value of the US dollar and will also affect 30-year Treasury bonds.
How Are Altcoins Affected From This?
In such a case, we can witness a significant upward trend in the prices of both Bitcoin and altcoins. According to the press clock, while Bitcoin is on the rise again, altcoins continue to bleed. The winning of Biden, on the other hand, can create an atmosphere of general trust in the market and allow capital to flow into altcoins. Of course, for this to happen, Bitcoin must be counting and not moving towards $ 20,000. Meanwhile, the market dominance of Bitcoin does not go unnoticed.
A quick glance at the Bitcoin Dominance chart indicates that Bitcoin is, in fact, dominating. pic.twitter.com/f3pppTFYSB
— The Wolf Of All Streets (@scottmelker) November 3, 2020
If BTC repeats its rally in early October, altcoins may still be secondary, despite this positive mood.