In what seems to be a broader crypto market rally, Bitcoin (BTC) and altcoins have recouped from the selling pressure while seeing a sharp bounce today. Bitcoin (BTC) is up 5.4% moving all the way past $71,200 and less than 5% away from here to hit another all-time high level. Ethereum (ETH), BNB Coin, Solana (SOL), and others too have joined the bandwagon while registering modest gains. This massive thrust comes just ahead of the US elections as the Trump trade kicks in across equity and crypto markets. Meme coins like DOGE and SHIB are staging even greater gains of over 10%.

Bitcoin Leads Crypto Market Rally Eyeing New ATH By US Elections

With US election results in less than a week from now and Donald Trump extending his lead over Kamala Harris in the prediction market, the Bitcoin (BTC) price eyeing a new all-time high soon. As per the Polymarket data, Donald Trump now has a 66.3% chance of winning the elections while some players predict a landslide victory for the former President.

Courtesy: Polymarket

This shows that Bitcoin is currently turning out to be a Trump trade. In a note to investors, Tony Sycamore, a market analyst at IG Australia Pty, wrote:

The token drew succor from an overnight rally in stocks and is continuing to “price in a Donald Trump election victory”.

On the 5-month chart, the BTC price also shows massive technical strength. Renowned trader Peter Brandt noted that Bitcoin has now completed a five-month inverted expanding triangle pattern, now seen as a bullish indicator.

As Bitcoin breaks this pattern, the follow-through will be important, said Brandt. He also noted that the sequence of lower highs and lower lows seen since March appears to have ended. This shows that the post-halving rally may now be underway with analysts expecting BTC to hit $80,000 by November end.

Courtesy: Peter Brandt

On the other hand, spot Bitcoin ETFs have seen record inflows of more than $3 billion in the month of October so far. BlackRock’s IBIT has been leading dominantly in this crypto market rally with daily inflows averaging around $200 million in the past ten trading sessions.

On Monday, October 28, the total inflows across all US Bitcoin ETFs were close to $500 million with IBIT clocking more than $300 million in inflows. With more than $24 billion in inflows since inception, BlackRock IBIT ranks among the top three ETFs launched in 2024.

Investors Eagerly Watch for Altcoin Rally Ahead

While Bitcoin has been leading the crypto market rally throughout, investors have been eagerly waiting for an altcoin rally. Along with Bitcoin, the Ethereum price has surged 5.3% moving past $2,600 levels with daily trading volumes crossing $21.4 billion. This puts to rest the investor concerns that ‘Ethereum is Dead‘.

Other top gainers within the altcoins space are Bitcoin Cash (BCH) gaining 8%, Avalanche (AVAX) up by 5.86%, Cardano (ADA) gaining 3.96%, etc. BNB Coin and Solana (SOL) are seeing modest gains at 3% each.

Popular crypto analyst Miles Deutscher believes that rising Bitcoin dominance to 60% is actually good for the altcoin rally ahead. He wrote:

“Some may view this as a bad thing, but it’s actually great for altcoins. Bigger altcoin rallies are always led by an initial period of BTC outperformance. That’s what creates a healthy/sustainable run”.

On the other hand, meme coins are seeing even bigger gains with DOGE and SHIB surging by 10% each. Here are the top three altcoins to watch for a rally in the upcoming month of November.

The post Crypto Market Rally: Here’s Why Bitcoin, ETH, XRP, DOGE, SHIB Are Rising appeared first on CoinGape.

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Filed under: News - @ October 29, 2024 4:20 am