Bitcoin’s rally above $69,000 sparked a market-wide rally
Key receivers
Bitcoin's break above $69,000 is affecting a broader market rally, marking a new high. The rally was driven by institutional demand and positive regulatory developments.
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Bitcoin bounced back to the light after breaking past $69,000 on Sunday. The latest rally sparked a massive rally in the crypto market as altcoins moved higher in the past 24 hours.
The major crypto is up almost 2% in a single day, now trading around $69,400, according to CoinGecko data. The Crypto Fear & Greed Index, which analyzes the sentiment of market participants, remains in the “Greed” zone and looks poised to hit $70,000 on further market optimism.
Bitcoin's strong performance sparked a rally in the broader market. A number of altcoins that started to climb yesterday continue to post gains, most of which are now mirroring Bitcoin's upward trajectory.
ApeCoin (APE) was the biggest winner in the last 24 hours, rising more than 60 percent. The new layer 3 blockchain developed by ApeCoin DAO comes after the launch of ApeChain. The launch not only boosted the value of APE, but also boosted its market size by nearly 3000%, breaking the $1 billion mark.
Ethereum (ETH), the second-largest crypto asset, posted a 4% gain after hitting the $2,700 mark on Saturday, data showed.
Ethereum's Layer 2 tokens have seen a significant increase in the last 24 hours. Optimism ( OP ), Arbitrum ( ARB ), and Starknet ( STRK ) each rallied more than 8 percent. Immutable (IMX) rose 6%, while Polygon rose 4%.
Apart from Bitcoin and Ethereum, top coins like Binance Coin (BNB) and Solana (SOL) have also made great strides. BNB regained the $600 mark, while SOL rose to $170.
Signs in the field of artificial intelligence, one of the most promising of this period, are again in the spotlight. Bittensor (TAO) is leading AI tokens, which rose 7% to $600 during the day.
The widespread crypto rally pushed the total market capitalization to $2.5 trillion, up 1 percent in the last 24 hours.
Bitcoin chases new highs before the US presidential election
According to Standard Chartered, Bitcoin may revisit its previous all-time high of $73,800 before the next US president is elected. As institutional interest in Bitcoin ETFs grows and Donald Trump's election prospects improve, the bank expects Bitcoin prices to rise.
According to data from Polymarket, traders prefer Trump over Kamala Harris for the next US President. Trump currently leads the polls with over 60% chances, while Harris's chances are around 39%.
If Trump wins, the price of Bitcoin may rise in the near future, according to Standard Chartered. Trump has positioned himself as one of the pro-crypto candidates from his previous anti-crypto stance, while Harris has begun to show her support.
Bitwise CIO Matt Hougan sees the upcoming election and strong ETF demand, along with key factors such as increased whale stocks, declining supply post-halving and global economic conditions as bullish catalysts for Bitcoin price action.
As of October 20, US spot Bitcoin ETFs have recorded more than $21 billion in net inflows—a milestone that took gold ETFs years to achieve.
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