Bitcoin Eyes $70K Amid Altcoin Surge and Election Buzz

21. Oct 2024 Posted by Laurent C. on News

Bitcoin has surged back into the limelight, breaching $69,000 over the weekend and sparking a broad rally across the cryptocurrency market. As of Sunday, Bitcoin has climbed almost 2%, trading at around $69,400. Market sentiment remains optimistic, with the Crypto Fear & Greed Index firmly in the "greed" zone. Many investors now have their eyes set on Bitcoin crossing the critical $70,000 threshold.

Bitcoin's rise has also inspired a significant upswing in altcoins, which have been mirroring the flagship crypto’s performance over the past 24 hours. Among the biggest winners is ApeCoin (APE), which surged by over 115%. This rally followed the launch of ApeChain, a new layer 3 blockchain created by the ApeCoin DAO. Not only has APE’s price skyrocketed, but the coin's market volume also spiked nearly 3,000%, exceeding $1 billion.

Meanwhile, Ethereum (ETH) registered a 4% gain after breaking past $2,700 on Saturday. Ethereum layer 2 tokens, including Optimism (OP), Arbitrum (ARB), and Starknet (STRK), have also seen impressive growth, rising by more than 8%. Other tokens such as Immutable (IMX) and Polygon (MATIC) followed closely, with 6% and 4% gains, respectively.

Other prominent tokens like Binance Coin (BNB) and Solana (SOL) have made notable strides as well. BNB reclaimed the $600 level, while SOL shot up to $170. In the artificial intelligence (AI) sector, Bittensor (TAO) led the charge, rising 7% to $600 during the day, as AI-driven tokens continue to capture attention this season.

The crypto rally has pushed the total market capitalization to $2.5 trillion, reflecting a 1% increase in just 24 hours.

 

Bitcoin Poised for New Highs Amid US Presidential Election Speculation

As Bitcoin flirts with new highs, its future could be influenced by the upcoming US presidential election. Standard Chartered predicts that Bitcoin may surpass its previous all-time high of $73,800 before the next US president is elected. Institutional interest in Bitcoin ETFs continues to grow, with $21 billion in net inflows logged as of October 20—marking a major milestone.

The political landscape also plays a role, with former President Donald Trump emerging as a pro-crypto candidate in recent months. Data from Polymarket shows that Trump is leading with over a 60% chance of winning, while Kamala Harris trails at 39%. Bitcoin’s value could increase if Trump wins, given his evolving stance on cryptocurrency.