OPINION: Alternative coins become the riskiest trade in the cryptocurrency world as we countdown to the US election

Following a weaker performance than Bitcoin for much of the year, smaller cryptocurrencies such as Dogcoin (Doge) and Solana (Solana) could end up facing the most risk after the U.S. presidential election. Bitcoin rose 4.6 per cent to $70,165 at one point on Tuesday, about 5 per cent below its record high of around $73,800 set in March. The cryptocurrency, the largest by market capitalisation, has risen more than 65 per cent this year. At one point on Tuesday, Dogcoin was up 17 per cent, in part because long-time Dogcoin supporter Elon Musk said he would create a Department of Government Efficiency (D.O.G.E.) if Donald Trump wins the election. ‘For bitcoin, the U.S. election doesn't matter much,’ said Zaheer Ebtikar, founder of cryptocurrency fund Split Capital, adding that ’for alternative coins, they might not rally as much if Kamala Harris wins. They are the biggest winners or losers of this election.’