Donald Trump Overtakes Kamala Harris on Polymarket, TRX, and ADA Shine as BTC Retraces

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Republican presidential candidate Donald Trump has overtaken Democrat flag bearer Kamala Harris on Polymarket. 

Meanwhile, Bitcoin shed off Tuesday gains, dipping below $60,000 to a little over $59,000 during Asian morning hours. The altcoin market also took the hit, with Ethereum slipping to just above $2,500, while coins like BNB, SOL, and XRP shed past gains. 

However, despite the market-wide downturn, coins like Cardano (ADA) and Tron (TRX) recorded gains following a rise in network activity. Amid the market fluctuations, Polymarket bettors are betting on future price stability.

Bitcoin, Ether, XRP, and Others Slump While TRX and ADA Shine

Following a mild uptick on Tuesday, the crypto market has corrected again, with Bitcoin dipping below $60,000 after a rejection at the $61,000 threshold. 

BTC trades at $59,486, down 2.2% over the past 24 hours. To inspire more buying activity, Bitcoin must break above the $61,000 resistance.

Meanwhile, Ethereum has dropped over 3.5% from the $2,600 level attained yesterday and now trades around $2,500. XRP declined 2%, while BNB trades at $554.99, with a 2.65% price increase. Solana currently trades around $141, with over 3% decline in the last 24 hours.

Polymarket bettors are betting more on future price stability despite market fluctuations. The bettors’ predictions show Solana has a 68% chance of remaining above $140 by the weekend, while Ether will stay above $25,000.

While most cryptocurrencies retraced, TRX and ADA recorded slight gains. ADA gained 3% in 24 hours, while TRX recorded a 10% increase. 

TRX’s price uptick coincides with an increase in Tron network activity following the launch of a Justin Sun-backed memecoin generator, Sunpump, last week.

sunpump active users reached an ATH.
sunpump newly created tokens reached an ATH.
sunpump trading volume reached an ATH.
sunpump revenue reached an ATH.
sunpump new dev reached an ATH.
TO THE SUN🌞https://t.co/F2C0OsNHhj is only 8 days old. What’s next?

— H.E. Justin Sun 孙宇晨(hiring) (@justinsuntron) August 19, 2024

Like Solana-based Pump.Fun, Sunpump is an open-source memecoin deployer enabling anyone to issue meme coins on Tron. The memecoins are automatically listed on a selected decentralized exchange when they attain a particular market cap.

In an X post, Justin Sun revealed that Sunpump reached a new all-time high in revenue within eight days of launching. This spike in memecoin transactions following Sunpump’s launch must have rubbed off on TRX.

Also, the demand for stablecoins seems to have increased on Tron. According to a report from Arkham Intelligence, over $1 billion in USDT tokens were minted on Tuesday at zero gas fees.

TODAY: $1B USDT minted on TRON

They paid $0.00 in fees.

Wow pic.twitter.com/NuNYRuj1Yc

— Arkham (@ArkhamIntel) August 20, 2024

Crypto enthusiast Johnny on August 20 stated that the TRON chain now ranks as the top chain in crypto revenue. Johnny revealed that TRON generated over $1 million in revenue within 24 hours on August 20.

Tron chain now the #1 chain in revenue in all of crypto

Generating over $1M in revenue in the last 24 hours $TRX & @justinsuntron may have found there new niche in the market pic.twitter.com/2ECgnuxOds

— Johnny (@CryptoGodJohn) August 20, 2024

So, TRON’s utility is driving growth in its ecosystem despite the general price slump recorded in the crypto market.

Donald Trump Gets Lead Over Kamala Harris on Polymarket

Meanwhile, the latest Polymarket data suggests that Trump’s odds share no correlation with Bitcoin price changes. Republican candidate Donald Trump is now ahead of rival Harris on Polymarkt’s election-winning odds.

Trump’s odds of winning the upcoming election are 52%, while Harris’s is 47%. Despite Trump leading, the swing state results (states where both parties have nearly equal support levels) show a steep race.

The odds of Trump winning every swing state is just 18%, while Harris has a 28% chance, confirming the intense race. Republicans are leading in North Carolina with favorable odds of 61-40 and in Pennsylvania by 51-50. 

While some think the election odds influence Bitcoin prices, analysts say the US monetary policy and supply overhangs affect it more significantly.