Key Points
- Bitcoin’s price soared past $71,000, reaching a new all-time high, amid U.S. election speculation.
- Altcoins like DOGE, ENA, POPCAT, and BSV also experienced significant gains.
Bitcoin’s Historic Surge
Bitcoin, the leading cryptocurrency, surpassed $70,000 for the first time since June on Oct. 29. This rejuvenated a market that had been largely dormant for the past seven months. The rise was driven by speculation about the potential impacts of the upcoming U.S. election and robust inflows into crypto-focused exchange-traded funds.
Bitcoin achieved a 5% gain on the day, reaching an intraday high of $71,540. This sparked optimism that it might approach its March record high of $73,737. At the time of writing, its market cap was $1.4 trillion.
Factors Driving the Rally
The recent price rally is in line with increasing odds for Republican presidential nominee Donald Trump in the prediction market Polymarket, with users betting on a 65.8% chance of his victory over Democratic candidate Vice President Kamala Harris. A Trump victory is generally viewed as positive for the sector due to the former president’s endorsement of crypto.
The positive momentum in BTC price was also boosted by renewed inflows into U.S.-based spot Bitcoin ETFs. Last week alone saw $920 million pouring into Bitcoin funds, with net inflows exceeding $3.5 billion this month.
Market observers have also highlighted bullish signals in Bitcoin’s technical setup. Crypto Rover pointed to a ‘golden cross’—Bitcoin’s 50-day moving average crossing above the 200-day moving average, a pattern that previously led to a doubling in Bitcoin’s price within five months.
Rover also noted that the bellwether has broken out of a bull flag pattern, another significant bullish indicator in technical analysis.
Altcoins Following Suit
The momentum driving Bitcoin’s rally also spread to the broader altcoin market, with many tokens posting double-digit gains.
In the past 24 hours, Dogecoin (DOGE), the first meme coin, rose 15.1%, trading at $0.1653—its highest point in the last five months—with a market cap of $24.2 billion. Ethena (ENA) gained 13.7%, while Popcat (POPCAT) reached a new all-time high of $1.69, pushing its market valuation past $1.66 billion. Bitcoin SV (BSV), a crypto asset that historically mirrors Bitcoin’s price movements, also gained 11.9%, ranking among the top gainers of the day.
The largest altcoin, Ethereum (ETH) was also up 4.4%, trading at $2,618 with other major cryptocurrencies such as BNB (BNB), Solana (SOL), and XRP (XRP) seeing gains of 1-3%. This contributed to a 2.2% increase in the global market cap, now standing at $2.51 trillion.
