As a seasoned researcher with years of experience in analyzing market trends and following crypto developments, I find myself intrigued by this recent surge in Bitcoin (BTC) and other altcoins. The current crypto market rally, fueled by the Trump trade and approaching US elections, is reminiscent of a roller coaster ride that I’ve become quite accustomed to over the years.
It appears that the cryptocurrency market is experiencing a significant surge, with Bitcoin (BTC) and various altcoins recovering from previous selling pressure and showing a substantial increase today. Bitcoin has climbed by 5.4% to surpass $71,200, with just under 5% left to reach another record high. Meanwhile, Ethereum (ETH), Binance Coin (BNB), Solana (SOL), and other coins are also on the rise, posting modest gains. This strong push forward is happening in the run-up to the US elections, as the so-called Trump trade influences both the equity and crypto markets. Meme coins such as DOGE and SHIB are experiencing even more impressive growth of over 10%.
Bitcoin Leads Crypto Market Rally Eyeing New ATH By US Elections
In about a week, as the U.S. election results approach, and Donald Trump’s chances in the prediction market growing stronger over Kamala Harris, there’s speculation that Bitcoin (BTC) could soon reach a new record high. According to Polymarket data, Trump currently has a 66.3% probability of winning the elections, with some betting on a decisive victory for the ex-President.
This indicates that Bitcoin is presently aligning with the investment strategy advocated by Donald Trump, as per the observations made by Tony Sycamore, an analyst at IG Australia Pty Ltd.
The token appears to be gaining strength following the previous day’s stock market surge, reflecting expectations that Donald Trump will win the election.
According to renowned trader Peter Brandt, the Bitcoin price chart over the past 5 months indicates a strong technical signal. Specifically, Bitcoin has formed an inverted expanding triangle pattern, which is generally considered a bullish sign.
According to Brandt, if Bitcoin breaks its current pattern, it’s crucial to watch for continuation. He points out that the downward trend since March, characterized by lower highs and lower lows, seems to have concluded. This suggests that the post-halving surge could be in progress, with analysts predicting Bitcoin might reach $80,000 by the end of November.
Conversely, Bitcoin ETFs have experienced unprecedented investment flows exceeding $3 billion during October alone. Notably, BlackRock’s IBIT has been spearheading this crypto market surge, with daily inflows averaging approximately $200 million over the last ten trading sessions.
On October 28th, Monday, approximately half a billion dollars flowed into all US Bitcoin ETFs, with BlackRock’s IBIT accounting for over $300 million of that sum. Since its launch in 2024, BlackRock IBIT has attracted more than $24 billion, placing it among the top three ETFs launched during that year.
Investors Eagerly Watch for Altcoin Rally Ahead
In recent days, Bitcoin has been dominating the cryptocurrency market surge, but investors are hopeful for a rally among altcoins as well. Simultaneously, Ethereum’s price has climbed by 5.3%, surpassing the $2,600 mark and recording daily trading volumes of over $21.4 billion. This strong performance helps to dispel rumors that Ethereum is no longer viable.
Among the altcoins, Bitcoin Cash (BCH) is surging by 8%, Avalanche (AVAX) is climbing by 5.86%, Cardano (ADA) is rising by 3.96%. Meanwhile, Binance Coin (BNB) and Solana (SOL) are experiencing more modest increases of around 3% each.
According to cryptocurrency expert Miles Deutscher, an increase in Bitcoin’s dominance to approximately 60% could potentially boost the upcoming altcoin surge. In his own words, he stated:
While some might see this as unfavorable, it’s quite beneficial for alternative cryptocurrencies. The surge in altcoins typically begins with Bitcoin leading the way first. This early dominance by Bitcoin sets the stage for a robust and lasting increase.
Meanwhile, meme tokens are experiencing substantial increases, as both DOGE and SHIB have jumped by 10% each. Here’s a look at the top three altcoins that could potentially surge in the coming month of November.
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2024-10-29 07:30