DOGE, ENA, POPCAT, BSV surge double-digits as BTC surpasses $71K and hits new ATH

by

As a seasoned financial analyst with over two decades of experience under my belt, I must say that the recent surge in Bitcoin and altcoins has piqued my interest significantly. Having witnessed numerous market cycles and trends, I’ve learned to read between the lines and spot patterns that often go unnoticed by others.

With speculation about the results of the upcoming U.S. election growing stronger, Bitcoin reached an unprecedented high, soaring over $71,000 for the first time ever. This surge in value sparked significant gains of more than 10% for alternative cryptocurrencies such as DOGE, ENA, POPCAT, and BSV.

On October 29th, Bitcoin (BTC), the primary cryptocurrency, crossed over $70,000 for the first time since June. This revitalized a market that had been relatively dormant for seven months. The surge was driven by speculation about potential effects from the upcoming U.S. election and increased investments into exchange-traded funds specializing in cryptocurrencies.

On this particular day, Bitcoin experienced a 5% increase and peaked at an intraday high of about $71,540, fueling anticipation that it could potentially reach its previous record high from March, which was approximately $73,737. At the time of writing, its market capitalization stood at a staggering $1.4 trillion.

The surge in prices corresponds with an increased likelihood of Donald Trump winning the Republican presidential nomination, as indicated by Polymarket’s prediction market where users wager that Trump has a 65.8% chance of beating Vice President Kamala Harris. A Trump victory is often associated with a positive outlook for the crypto sector due to his previous endorsement of cryptocurrencies.

Recently, money flowing into U.S. Bitcoin Exchange-Traded Funds (ETFs) has boosted the upward trend of Bitcoin prices. Last week alone, these Bitcoin funds received an inflow of approximately $920 million, and this month’s total net inflows have surpassed $3.5 billion.

Experts have also highlighted positive trends in Bitcoin’s technical structure. Specifically, Crypto Rover noted a ‘golden cross’, which refers to Bitcoin’s 50-day average line rising above its 200-day average line. Historically, this configuration has been followed by a significant increase in Bitcoin’s value, with prices nearly doubling within five months.

In a different update, Rover pointed out that the bellwether has escaped from a ‘bull flag’ formation, which is another strong bullish signal according to technical analysis.

The #Bitcoin bull flag is breaking out so hard!🚀

— Crypto Rover (@rovercrc) October 29, 2024

The surge propelling Bitcoin’s rise has likewise affected the larger cryptocurrency market, as numerous coins recorded gains of over ten percent.

Over the last day, Dogecoin (DOGE), known as the original meme coin, surged by 15.1% to reach $0.1653 – its highest point in the past five months – with a market capitalization of $24.2 billion. Ethena (ENA) experienced a growth of 13.7%, while Popcat (POPCAT) hit an unprecedented new high of $1.69, propelling its market worth beyond $1.66 billion. Bitcoin SV (BSV), a digital asset that tends to follow Bitcoin’s price trends, also saw an increase of 11.9%, making it one of the top performers for the day.

Ethereum (ETH), the biggest altcoin, increased by 4.4%, currently trading around $2,618. Meanwhile, other significant cryptos like Binance Coin (BNB), Solana (SOL), and Ripple (XRP) also experienced gains ranging from 1% to 3%. This boosted the overall market cap by 2.2%, now standing at approximately $2.51 trillion.

Read More

2024-10-29 13:02