Key takeaways
- Bitcoin’s rise above $69,000 marks a new high, influencing a broad market rally.
- The rally is driven by increased institutional interest and positive regulatory developments.
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Bitcoin is back in the spotlight after surpassing $69,000 on Sunday. The latest rally has sparked a widespread rally across the cryptocurrency market and altcoins have surged in the past 24 hours.
The flagship cryptocurrency is up almost 2% in a day and is now trading at around $69,400, CoinGecko data sample. It appears poised to reach $70,000 amid current market optimism as the Crypto Fear and Greed Indexwhich analyzes the sentiments of market participants, remains in the “greed” zone.
Bitcoin’s strong performance has inspired a market-wide rally. Several altcoins, which began their ascent yesterday, have continued to post gains, while the majority now mirror Bitcoin’s upward trajectory.
ApeCoin (APE) is the biggest gainer in the last 24 hours, up over 60%. The rise comes after the launch of ApeChain, a new layer 3 blockchain developed by ApeCoin DAO. The launch not only boosts APE’s price, but also triggers a surge in its market volume, which saw an increase of nearly 3,000%, surpassing the $1 billion mark.
Ethereum (ETH), the second-largest crypto asset, posted 4% gains after conquering the $2,700 mark on Saturday. data sample.
Ethereum layer 2 tokens have also seen a substantial rise in the last 24 hours. Optimism (OP), Arbitrum (ARB), and Starknet (STRK) each recovered more than 8%. Immutable (IMX) saw a 6% increase, while Polygon rose 4%.
In addition to Bitcoin and Ethereum, major coins such as Binance Coin (BNB) and Solana (SOL) have also made great strides. BNB reclaimed the $600 mark while SOL soared to $170.
Tokens in the field of artificial intelligence, one of the most promising narratives of this season, are once again in the spotlight. Bittensor (TAO) leads the AI tokens, rising 7% to $600 on the day.
The widespread rally in cryptocurrencies has increased the total market capitalization to $2.5 trillion, an increase of 1% in the last 24 hours.
Bitcoin Chases New Highs Ahead of US Presidential Election
According to Standard Chartered, Bitcoin may reach its previous all-time high of $73,800 again before the next US president is elected. The bank expects the price of Bitcoin to rise as institutional interest in Bitcoin ETFs grows and Donald Trump’s election odds improve.
Data from Polymarket indicates that traders prefer Trump over Kamala Harris as the next US president. Trump is currently leading the poll with more than a 60% chance, while Harris’ chances are around 39%.
Bitcoin’s value could rise in the short term if Trump wins, Standard Chartered suggests. Trump has departed from his previous anti-crypto stance and positioned himself as one of the most pro-crypto candidates, while Harris has just begun to show her support.
Bitwise CIO Matt Hougan also sees the upcoming election and strong demand for ETFs, along with other key factors such as increasing whale accumulation, reduced supply after the halving, and global economic factors. , as bullish catalysts for Bitcoin price actions.
As of October 20, US Spot Bitcoin ETFs have registered $21 billion in net inflows—A milestone that took years for gold ETFs to reach.
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