The price of Bitcoin is up for the day amid Election Day volatility, but some other cryptocurrencies are seeing even bigger gains.

BTC surged above $70,500 on Tuesday, but then fell below $69,000, reaching a price of around $69,400 at the time of writing. It is still up 3% over the past 24 hours, according to CoinGecko data. Over the past seven days, Bitcoin fell by 4% following a close call with all-time high price last week.

But some major altcoins have climbed even higher, with Dogecoin (DOGE) up 7% to reach a price just below $0.17, and Solana (GROUND) and Avalanche (AVAX) up about 5%. Other meme coins like BONK and Cat in a Dog’s World (MEW) even surpass Dogecoin on this day.

Industry observers and traders await Bitcoin will rise or fall significantly today and in the days to come, following the results of the US elections.

Republican candidate and former President Donald Trump presented himself as the pro-crypto candidate this year, saying he wanted all future Bitcoins on U.S. soil and pledging to protect the fledgling industry. Current Vice President and Democratic candidate Kamala Harris has said little about digital assets, but has signaled her intention to be friendlier than the Joe Biden administration (in which she works) and said she would pressure for regulation.

Over the past 24 hours, $248 million worth of crypto futures were liquidated across all assets, CoinGlass the data shows. Of that figure, around $145 million in long positions – that is, traders speculating on the future rise in the price of digital coins and tokens – had their bets closed. In total, $103 million were short positions.

In total, over $69 million in Bitcoin positions have been liquidated, with short positions outpacing long positions as of this writing.

Bloomberg ETF analyst Eric Balchunas said Decrypt that Bitcoin was a good asset to watch today amid the Election Day action, as Donald Trump talked so much about during his election. The March approval of Bitcoin spot exchange-traded funds (ETFs) allowed more investors than ever to gain exposure to the cryptocurrency.

Edited by Andrew Hayward