Bitcoin (BTC) and altcoins rebounded sharply today, recovering from selling pressure amid what appears to be a rally in the broader crypto market. Bitcoin (BTC) rose 5.4% to over $71,200, less than 5% from now to reach a new all-time high. Ethereum (ETH), BNB Coin, Solana (SOL), and others also joined the bandwagon, recording modest gains. This major push comes just ahead of the US election, as President Trump's trading begins across stock and cryptocurrency markets. Meme coins such as DOGE and SHIB have even higher returns of over 10%.
Bitcoin leads crypto market rally, focus on new ATH due to US election
With US election results less than a week away and prediction markets showing Donald Trump widening his lead over Kamala Harris, Bitcoin (BTC) prices could soon hit new all-time highs. Donald Trump currently has a 66.3% chance of winning the election, according to Polymarket data, but some observers are predicting a landslide victory for the former president.
This shows that Bitcoin is now proving to be a Trump transaction. IG Australia Pty market analyst Tony Sycamore wrote in a note to investors:
The token received support from overnight stock price gains and continues to “price in President Donald Trump’s election victory.”
Even on the 5-month chart, BTC price shows great technical strength. Prominent trader Peter Brandt pointed out that Bitcoin has completed a five-month inverted triangle expansion pattern, which is currently considered a bullish indicator.
As Bitcoin breaks out of this pattern, follow-through will be important, Brandt said. He also noted that the series of falling highs and falling lows seen since March appears to be over. This indicates that a post-halving bull market may be currently underway as analysts expect BTC to reach $80,000 by the end of November.
Meanwhile, the Spot Bitcoin ETF has seen record inflows of over $3 billion so far in October. BlackRock's IBIT has been the clear leader in this crypto market rally, posting average daily inflows of around $200 million over the past 10 trading sessions.
On Monday, October 28, total inflows across US Bitcoin ETFs reached nearly $500 million, with IBIT recording over $300 million in inflows. BlackRock IBIT has received over $24 billion in inflows since its inception and ranks among the top three ETFs launching in 2024.
Investors are keenly watching the future rise in altcoins
While Bitcoin has been leading the crypto market rally all along, investors have been eagerly awaiting the rise in altcoins. Similar to Bitcoin, Ethereum's price also rose by 5.3%, surpassing the $2,600 level, with daily trading volume exceeding $21.4 billion. As a result, investors' concerns that “Ethereum is dead” have been resolved.
Other top gainers in the altcoin space include Bitcoin Cash (BCH) up 8%, Avalanche (AVAX) up 5.86%, and Cardano (ADA) up 3.96%. BNB Coin and Solana (SOL) are up modestly at 3%. each.
Popular cryptocurrency analyst Miles Deutscher believes that Bitcoin’s dominance rising to 60% is actually a good thing for altcoins’ future rise. He wrote:
“While some may see this as a bad thing, it is actually a great thing for altcoins. A bigger rally in altcoins is always led by early BTC outperformance. It creates a more targeted and sustainable running experience.”
Meanwhile, meme coins have seen even bigger gains, with DOGE and SHIB surging 10% each. Here are the top 3 altcoins to watch for next month's November rally.
Bhushan Akolkar
Bhushan is a FinTech enthusiast with a deep understanding of financial markets. His interest in economics and finance led him to focus on the emerging blockchain technology and cryptocurrency market. He is passionate about continuous learning and stays motivated by sharing the knowledge he gains. In his free time, Bhushan enjoys reading thriller fiction novels and sometimes hones his cooking skills.
Disclaimer: The content presented may contain the personal opinion of the author 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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