As investors anticipate the U.S. presidential election, cryptocurrencies remain relatively stable with Bitcoin hovering just below $69,000.

As investors anticipated the outcome of the U.S. presidential election, cryptocurrency values rose slightly.

According to Coin Metrics, the price of Bitcoin rose 1.9% to $68,783.69. However, it is currently sitting 7% below its all-time high, despite coming close to it last week.

At $2,437.83, the token tied to gained more than 2%, while memecoins and Shiba Inu coin jumped 7% and 5%, respectively.

Several mining stocks, including , were lifted by the price of bitcoin in premarket trading, which often trades as a high beta play on the price of bitcoin. However, was little changed.

The upcoming election between Vice President Kamala Harris and former President Donald Trump is considered the most significant event in the history of the crypto industry. While some believe a Harris victory could pose a threat to the industry, others view Trump as a positive influence due to his pro-crypto stance and increased engagement with the sector.

Gautam Chhugani, a Bernstein analyst, predicts that bitcoin will endure and flourish regardless of the outcome of the eventual winner.

"Bitcoin is the most resilient cryptocurrency in the face of the election outcome," he stated. "The primary drivers of Bitcoin's growth are U.S. fiscal indiscipline, high debt levels, and monetary expansion, which increase demand for hard assets such as gold and Bitcoin. We believe that, given its small percentage of global financial assets, Bitcoin has significant potential for growth regardless of the election outcome."

Although Chhugani predicts a $200,000 price target for bitcoin in 2025, he also believes that it could drop to $50,000 in the near future if Harris wins the election. However, if Trump wins, he expects a short-term rally that could push bitcoin as high as $90,000 this year.

The growth of bitcoin ETFs, with over $23 billion in inflows and $67 billion in assets under management, will propel the cryptocurrency's trajectory, according to Chhugani.

The broader cryptocurrency market may face greater risks from this election.

"A crypto-friendly SEC with bipartisan support for regulations would open up opportunities for all crypto assets beyond Bitcoin," he stated. "If either the Trump or Harris side pushes for a crypto-friendly SEC, the outcome of the House and Senate matters as well. While the Trump side has promised a crypto-friendly SEC, the Harris side has pledged to defend ownership of crypto assets. However, the crypto community would prefer more specific crypto policy from Harris."

While Trump may be considered more favorable for crypto broadly, there is a growing consensus that a Harris presidency may not be as detrimental as once feared. This fear stems from the hostility crypto experienced under the current administration, with the Securities and Exchange Commission agency under Gary Gensler refusing to provide clear guidance for crypto businesses and instead regulating through enforcement actions. Additionally, Sen. Elizabeth Warren, D-Mass has been vocal about her anticrypto stance.