Bitcoin is rallying again, nearing its all-time highs. Market dominance has surpassed 65% for the first time since 2021. Experts suggest that this rise may correlate with the increasing odds of pro-crypto candidate Donald Trump's potential return to office.

Connection Between Bitcoin's Rise and Election Odds

Recent data from Polymarket shows Trump's odds of winning the 2024 presidential election rising above 60%, coinciding with a surge in Bitcoin prices.

Why Bitcoin is Outpacing Altcoins

Bitcoin's dominance in the crypto market has been steadily increasing for two years, currently standing at a three-year high. This is attributed both to Trump's pro-crypto stance and Bitcoin's resilience under any political administration.

Impact of Political Environment on Cryptocurrencies

Trump's crypto-friendly stance, including support for DeFi projects, could lead to a more favorable regulatory environment. The potential change in SEC leadership also adds a positive outlook.

Bitcoin's rise appears driven by a combination of political factors and growing market dominance, positioning it as a less risky option amid political uncertainty.