Bitcoin’s surge above $69,000 triggers market-wide rally

Bitcoin is again within the highlight after breaking previous $69,000 on Sunday. The most recent rally has ignited a broad-based rally throughout the crypto market with altcoins shifting greater over the past 24 hours.

The flagship crypto has risen nearly 2% in a day, now buying and selling at round $69,400, CoinGecko knowledge exhibits. It appears poised to hit $70,000 amid ongoing market optimism because the Crypto Concern & Greed Index, which analyzes market members’ sentiments, stays within the “greed” zone.

Bitcoin’s robust efficiency has impressed a rally throughout the broader market. A number of altcoins, which started their ascent yesterday, have continued to submit positive factors, whereas the bulk are actually mirroring Bitcoin’s upward trajectory.

ApeCoin (APE) is the most important winner within the final 24 hours, rising over 60%. The surge comes after the launch of ApeChain, a brand new layer 3 blockchain developed by the ApeCoin DAO. Not solely does the launch increase APE’s worth but it surely additionally triggers a rise in its market quantity, which noticed a virtually 3000% improve, breaking the $1 billion mark.

Ethereum (ETH), the second-largest crypto asset, put in positive factors of 4% after conquering the $2,700 mark on Saturday, knowledge exhibits.

Ethereum layer 2 tokens have additionally witnessed a considerable surge prior to now 24 hours. Optimism (OP), Arbitrum (ARB), and Starknet (STRK) every rallied by greater than 8%. Immutable (IMX) noticed a 6% improve, whereas Polygon rose by 4%.

Other than Bitcoin and Ethereum, prime cash like Binance Coin (BNB) and Solana (SOL) have additionally made main strides. BNB reclaimed the $600 mark whereas SOL soared to $170.

Tokens within the synthetic intelligence discipline, probably the most promising narratives this season, are once more within the limelight. Bittensor (TAO) is main the AI tokens, hovering 7% to $600 in the course of the day.

The widespread crypto rally has boosted the overall market cap to $2.5 trillion, up 1% within the final 24 hours.

Bitcoin chases new highs forward of the US presidential election

In accordance with Normal Chartered, Bitcoin could revisit its earlier all-time excessive of $73,800 earlier than the following US president is chosen. The financial institution expects Bitcoin’s worth to surge as institutional curiosity in Bitcoin ETFs grows and Donald Trump’s election odds enhance.

Knowledge from Polymarket signifies that merchants want Trump to Kamala Harris for the following American president. Trump presently leads the ballot with over 60% probability whereas Harris’ odds are round 39%.

Bitcoin’s worth might improve within the close to time period if Trump wins, Normal Chartered suggests. Trump has departed from his earlier anti-crypto stance and positioned himself as probably the most pro-crypto candidates, whereas Harris has simply begun to point out her assist.

Bitwise CIO Matt Hougan additionally sees the upcoming election and powerful ETF demand, coupled with different key elements like elevated whale accumulation, decreased provide post-halving, and world financial elements, as bullish catalysts for Bitcoin’s worth actions.

As of October 20, US spot Bitcoin ETFs have logged over $21 billion in web inflows—a milestone that took gold ETFs years to attain.

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