Key Takeaways:
Bitcoin, the apex cryptocurrency, briefly topped $73,000 on Tuesday after crypto bulls were out in full force in early trading, officially setting the stage for a post-having upcycle. The digital asset is now looking to make a dash to surpass the all-time high of $73,700 from March 2024.
Bitcoin Closing in on ATH as Pro-Crypto Candidate Donald Trump is Likely to Win the US Election
BTC rose to a 24-hour high of $73,562 across all major exchanges, a 5.7% surge over its price from the previous day. This resulted in bulls touching the psychological $73,000 marker once again. While Bitcoin is currently trading below the level, experts suggest that the bulls may not be done with it yet.
Bitcoin attempting a new all-time high in October is poetic as the month has long been regarded as offering the best returns on the cryptocurrency in recent years. The price hike also correlates with the US Presidential elections as Polymarket odds show that Republican candidate and former President Donald Trump is most likely to win the White House in November.
In an interview with CNBC on October 28, asset manager VanEck’s head of digital assets Matthew Sigel likened the crypto market’s “bullish setup” to the one from late 2020, when Bitcoin’s price skyrocketed 120% over two months. He also noted that the world’s largest cryptocurrency will project a strong rally if Trump is elected President.
Donald Trump’s odds stand at 66.9% against Kamala Harris’ 33.1%. The former President has been campaigning as the pro-crypto candidate, promising to establish friendlier regulations for the industry. More investors are now anticipating a blowup in Bitcoin’s price if he is elected.
Bitcoin Market Dominance Surpasses 60% as ETFs Attract $3.9 Billion in Net Inflows in October
Bitcoin also crossed the $1.45 trillion market capitalization mark on Tuesday for the first time in seven months. According to data from CryptoQuant, the exchange reserves of BTC have plunged to an all-time low when measured against the current supply, indicating higher investor buying.
The crypto market cap also witnessed a surge, rising by 4.7% to $2.4 trillion, supported by a hike in the prices of the top coins. While BTC rose 5%, Ether (ETH) posted a 5.5% gain, followed by Dogecoin (DOGE) with a 16% jump, and a 10% increase in the price of Bitcoin Cash (BCH).
Another significant factor contributing to the surge in Bitcoin’s price has been the demand for spot Bitcoin exchange-traded funds (ETFs) in the United States. Data shows that the 12 Bitcoin ETFs attracted nearly $3.9 billion in net inflows since October 11, with only one day of outflows within the period, marking a new peak since the investment products backed by Bitcoin were launched in January 2024. This influx of capital has led to much stronger buying power and support for the BTC market.
Derivatives traders are also bullish on the prospect of Bitcoin setting a new all-time high. Options traders have increased their bets, suggesting that the cryptocurrency will hit fresh highs before the end of November.
After BTC rallied to $71,000 on Saturday, $169 million worth of short positions were liquidated. Options due to expire on November 8 now have their highest open interest rate at the $75,000 strike price.
Bitcoin saw a rejection near its all-time high resistance of $73,777, but a retest of this level over the next few hours could see buyers outweighing sellers and the cryptocurrency recording a new all-time high. However, a further price decline could see Bitcoin finding support near the $66,400 level.
According to data provided by TradingView, Bitcoin’s market dominance has now surpassed the 60% level for the first time since April 2021. The share of BTC in the crypto market is up 17% since the start of the year, surging nearly 5% this month alone.
At the time of writing, Bitcoin (BTC) is trading at $72,442 – up 2.2% in the last 24 hours. The flagship cryptocurrency attained a 24-hour trading volume of $58.72 billion and has a market capitalization of $1.432 trillion.
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Bitcoin Crosses $70,000 As US Election Tips In Favor of Donald Trump
