Bitwise CIO: The US elections will be a speed putation or a gust of wind for crypto

Hougan compared the condition of the cryptom market from November 2020 to November 2024 and asked whether things have been better or worse since the last ballot.

Despite several complaints from the US stock exchange supervision SEC (Securities and Exchange Commission)-especially against Binance, Coinbase, Cumberland DRW, Kraken and Ripple-made the crypto industry considerable progress.

a difference of four years

With a view to the two US elections, Hougan points out that Bitcoin was traded at $ 13,677 in November 2020. If we coincide on November 2024, the value of Bitcoin is around $ 69,492, which corresponds to a change of 408 %.

Ethereum also recorded a positive increase in modest $ 388 in 2020 to $ 2,492 in the run-up to the US elections in 2024. However, it is Solana that recorded a significant price increase, which rose by almost 11,000 % from $ 1.49 in 2020 to around $ 166 in 2024

As far as the managed assets (AUM) are concerned, Hougan shows that the Aum rose from StableCoins from $ 3.87 billion in November 2020 to $ 177.83 billion in November 2024, which corresponds to a change of almost 4,500 %.

also the Total Value Locked (TVL) of decentralized financing (Defi) experienced a strong upswing and jumped from $ 9.57 billion to $ 139.3 billion in 2024.

"We concentrate so much on the current price movement in cryptocurrencies that we often lose sight of the long -term trends," wrote Hougan. "The presidential elections offer a nice opportunity to step back and see how far we have come."

What's next?

In the past four years, so much has already happened on the cryptom market, but will it stay that way if the market goes beyond the US elections in 2024?

In Hougan's view, the answer is "yes". Regardless of who will be the next potus, Hougan said, among other things, that the tributaries of spot crypto-exchange-shanged finds (ETFs) will continue, stablecoins will continue to grow, Wall Street will continue to accept tokenization and real assets, blockchains will do so faster and cheaper, and real applications such as polymarket will be in the mainstream enforce.

"What happens in the elections on Tuesday is important, especially at short notice," said Hougan. "But in my opinion, Tuesday will prove to be something between the speed limit and wind gust in the long run. Neither of them will stop this train."