Bitcoin (BTC) climbed to a three-month peak on Monday, nearing the $70,000 mark and approaching within about 5% of its record high of $73,700 reached last March.

BTC gained 3% over the past 24 hours, trading at $69,800, while the CoinDesk 20 Index saw a more modest increase of 1% during the same period. Ethereum's ether (ETH) rose by 0.5%, yet tokens from Polygon (POL), Near (NEAR), and Hedera (HBAR) brought the index down.

In contrast, Dogecoin {DOGE} distinguished itself from the generally underperforming altcoin market, skyrocketing by 10% during the day after its mention at a Donald Trump campaign rally last Sunday.

The longstanding and largest canine-themed cryptocurrency has been increasingly associated with Trump recently, especially following Elon Musk's proposal for a "Department of Government Efficiency," abbreviated as D.O.G.E., aimed at regulating U.S. government expenditures.

The excitement further escalated when Musk tweeted a meme featuring himself with the DOGE avatar post his appearance at the Trump rally.

"It's a play on Trump's popularity," Paul Howard from Wincent stated in a Telegram message. "DOGE is now closely linked to the U.S. presidential outcome due to its popularity with [Elon] Musk."

Speculators on the blockchain-based prediction market Polymarket now estimate nearly a 66% chance for Trump to prevail in the upcoming U.S. presidential election next week, a rise from 61% a week prior.

As this crypto activity unfolded, U.S. stock indices also finished strong for the day, with the Dow Jones up by 0.7%, while both the Nasdaq and S&P 500 gained 0.3%. Crude oil prices decreased over 5% after Israeli airstrikes against Iran did not impact oil facilities, alleviating concerns regarding escalation in the Middle East.

Bitcoin Setup Resembles Late 2020

More gains may be anticipated, as BTC's current condition mirrors the late 2020 surge toward all-time highs, according to Matthew Sigel, head of research at VanEck.

"This is a very bullish setup for bitcoin into the election," Sigel remarked on Monday in an interview with CNBC. "We observed the identical trend back in 2020 when bitcoin had low volatility and once the election outcome was announced, we experienced a high-volatility rally as new buyers entered the market," he emphasized.

BTC surged approximately 120% between the November 2020 election and the year's end.