Crypto turns green as Bitcoin flirts with $73k

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As a seasoned analyst with over two decades of market analysis under my belt, I must say that the current cryptocurrency market is reminiscent of the dot-com boom of the late 90s, albeit with more volatility. The meteoric rise of Bitcoin to $73,000 and the subsequent surge in altcoins is a testament to the potential of this burgeoning industry.

In my analysis over the past day, I’ve observed a general upward trend among most cryptocurrencies, with Bitcoin leading the charge. Its price climbed to an impressive $73,000, propelling the total market capitalization of cryptocurrencies to a staggering $2.45 trillion.

On October 29th, Bitcoin (BTC) reached an unprecedented peak of $73,000, marking its highest point since it previously touched the all-time high in March 2021.

According to reports from crypto.news, the price of Bitcoin soared to a peak of around $73,001 on significant exchanges yesterday, marking a 5.7% increase over the previous 24 hours. This latest rise brought the bulls back to the psychologically important level of $73,000 once more. At the moment of writing, Bitcoin is trading slightly below $72,930, but crypto experts predict that the bullish trend may continue.

During an October 28th conversation with CNBC, Matthew Sigel, head of digital assets at VanEck, stated that the present market conditions, taking into account the November 5th vote, provide a highly optimistic setting for Bitcoin.

Veteran trader Peter Brandt also added to the bullish projection, suggesting BTC is headed to $94k.

Bitcoin ($BTC) has various methods for establishing targets. One factor to consider is whether a semi-log or linear scale is employed. The target of 94,000 is calculated as the projected move from the breakout level using a triangle on a semi-log graph.

— Peter Brandt (@PeterLBrandt) October 29, 2024

Some analysts believe that surpassing the All-Time High could prompt a short pause due to profit-taking, but a more optimistic viewpoint is that the market may keep rising over the next few months.

The positive feeling has primarily boosted the prices of many alternative cryptocurrencies. Currently, Ethereum (ETH) stands at over $2,650, Binance Coin (BNB) is above $607, and Solana (SOL) is priced at $181. Sui (SUI) has seen a 24% increase to reach $2.03, while Popcat (POPCAT) meme coins are also experiencing a surge in value, taking the lead.

However, there are sectors that have outpaced the rest and could continue to dominate.

Based on the analysis by crypto expert Miles Deutscher, meme-related sectors have shown exceptional growth with a year-to-date increase of over 200%. Interestingly, other areas such as artificial intelligence, tangible assets, the Bitcoin environment, and decentralized networks for physical infrastructure are also experiencing rapid expansion, surpassing the broader market.

According to the analysis, AI-related tokens have increased by 217% year-to-date, and so have BRC-20 tokens. Notably, RWA has surged by 134%, and DePIN has risen by 73%, standing out during the ongoing bull market cycle of 2024.

However, not every sector has seen an increase so far this year. While tokens related to social finance, zero-knowledge, and metaverse have climbed slightly in the past few weeks, SocialFi is down by 57%, ZK by 36%, and metaverse by 30%. These sectors are among the worst performers. Additionally, governance tokens and layer-2 tokens are also struggling, with negative returns of 25% and 16% respectively for the year to date.

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2024-10-30 00:56