- Analysts predict a potential altcoin surge within the next two weeks, especially with the U.S. election approaching.
- Regulatory changes, particularly for Uniswap (UNI), could boost altcoin prices if legal barriers are eased after the election.
As the U.S. presidential election nears, the altcoin market shows signs of a potential surge. Some analysts, such as Micha毛l van de Poppe and Ki Young Ju, are expecting altcoins to explode, with van de Poppe expecting a surge in prices in the next two weeks. The market capitalization of altcoins, not including Bitcoin and Ethereum, could soon experience a sharp increase. With only 22 days remaining before the U.S. presidential election, speculation over how the results could impact altcoins is growing.聽
Ki Young Ju, the CEO of CryptoQuant, said that some altcoins, including Uniswap (UNI), have not yet been able to achieve their full value owing to current legal constraints. Uniswap, a decentralized exchange, has postponed the proposal that triggers a fee switch, which would allow the distribute of protocol fees to UNI token holders. This can be attributed to the fact that the proposal could bring some legal risks to Uniswap, especially from the SEC, which sent Well Notes to the platform in April 2024.
According to Ki Young Ju, if the regulatory barriers are removed, and the fee switch mechanism is initiated, Uniswap鈥檚 treasury could considerably increase, which would positively influence the price of UNI. The analyst believes that if Uniswap had an opportunity to get $314 million through the fee switch, and some of this money was spent on buybacks, the price of a single UNI could have increased up to 100 times. However, such potential has not been realized because there are legal ambiguities concerning the project.
Historical Trends Support a Bull Run
Analysts are comparing the current Bitcoin market conditions to the situation in the 2020 bull market. According to CRG, a popular crypto analyst, the current Bitcoin market is similar to the 2020 cycle where Bitcoin hit new highs and led to a massive altcoin season.
According to CRG, Bitcoin鈥檚 market dominance of 58% will likely start to fall in the next few weeks, which will be good for other cryptocurrencies. This change in dominance could be a sign of the start of an altseason in which other altcoins will overtake Bitcoin and Ethereum.
Furthermore, analyst Micha毛l van de Poppe believes that the altcoin market is about to break out when looking at the market capitalization of all cryptocurrencies excluding Bitcoin and Ethereum. He believes that this breakout will happen in the next one to two weeks and he is right about an altcoin rally.
Election Outcome Could Significantly Impact Bitcoin and Altcoin Prices
Recently, Bernstein analysts reported that think that if Trump wins, the price of Bitcoin could rise to between $80,000 and $90,000. His proposals aim to establish the U.S. as a global leader in the crypto industry.聽
On the other hand, if Kamala Harris wins, the price of Bitcoin may suffer some losses. Analysts predict that there could be a dip, with Bitcoin falling to between $30,000 and $40,000. Her lack of policy recommendations in the realm of crypto regulation has caused investors to remain sceptical of her administration鈥檚 stance on the digital asset market.
Polymarket currently gives Trump a 54% chance of winning, and if regulatory changes follow a potential victory, altcoins could experience significant price increases after the election.聽
