In what appears to be a broader crypto market rally, Bitcoin (BTC) and altcoins have recovered from selling pressure while seeing a strong rebound today. Bitcoin (BTC) is up 5.4%, surpassing $71,200 and less than 5% away from hitting another all-time high. Ethereum (ETH), BNB Coin, Solana (SOL), and others have also joined the movement while seeing modest gains. The massive advance comes just before the US elections, as Trump trading kicks off in the stock and crypto markets. Meme coins like DOGE and SHIB are making even bigger gains, over 10%.
Bitcoin Leads Crypto Market Rally As It Eyes New ATH Ahead Of US Elections
With the US election results less than a week away and Donald Trump increasing his lead over Kamala Harris in the prediction market, the price of Bitcoin (BTC) is soon aiming for a new all-time high. According to Polymarket data, Donald Trump now has a 66.3% chance of winning the election, while some players are predicting a landslide victory for the former president.
This shows that Bitcoin is currently proving to be a Trump exchange. In a note to investors, Tony Sycamore, market analyst at IG Australia Pty, wrote:
The token benefited from an overnight stock market rally and continues to “value Donald Trump’s election victory.”
On the 5-month chart, BTC price is also showing massive technical strength. Renowned trader Peter Brandt noted that Bitcoin has now completed a five-month reverse expanding triangle pattern, now considered a bullish indicator.
As Bitcoin breaks this trend, tracking will be important, Brandt said. He also noted that the streak of higher highs and lower lows seen since March appears to have ended. This shows that the post-halving recovery may now be underway, with analysts expecting BTC to reach $80,000 by the end of November.
On the other hand, spot Bitcoin ETFs have so far seen record inflows of over $3 billion in the month of October. BlackRock’s IBIT has dominated this crypto market rally, with daily inflows averaging around $200 million over the past ten trading sessions.
On Monday, October 28, total inflows into all US Bitcoin ETFs stood at nearly $500 million, with IBIT recording over $300 million in inflows. With over $24 billion in inflows since inception, BlackRock IBIT ranks among the top three ETFs launching in 2024.
Investors Eagerly Watching the Upcoming Altcoin Rally
While Bitcoin has always led the crypto market rally, investors have been eagerly awaiting an altcoin rally. Alongside Bitcoin, the price of Ethereum surged 5.3%, surpassing $2,600 levels, with daily trading volumes surpassing $21.4 billion. This allays investor concerns that “Ethereum is dead.”
Other top gainers in the altcoin space are Bitcoin Cash (BCH) up 8%, Avalanche (AVAX) up 5.86%, Cardano (ADA) up 3.96%, etc. BNB Coin and Solana (SOL) see modest gains at 3%. each.
Popular crypto analyst Miles Deutscher believes that increasing Bitcoin dominance to 60% is actually good for the upcoming altcoin rally. He wrote:
“Some may view this as a bad thing, but it’s actually a great thing for altcoins. The biggest altcoin rallies are always led by an initial period of BTC outperformance. This is what creates healthy, sustainable running.”
On the other hand, meme coins are seeing even bigger gains, with DOGE and SHIB each increasing by 10%. Here are the top three altcoins to watch for a rally during the upcoming month of November.
Bhushan Akolkar
Bhushan is a FinTech enthusiast with a deep understanding of financial markets. His interest in economics and finance has led him to focus on the emerging markets of Blockchain technology and cryptocurrencies. He is committed to continuous learning and stays motivated by sharing the knowledge he acquires. In his free time, Bhushan enjoys reading thriller novels and occasionally explores his culinary skills.
Disclaimer: Content presented may include the author’s personal opinion and is subject to market conditions. Do your market research before investing in cryptocurrencies. The author or publication assumes no responsibility for your personal financial loss.
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