As speculation surrounding potential outcomes from next week’s U.S. election intensifies, Bitcoin surged past $71,000 nearing a new all-time-high, igniting double-digit gains across altcoins like DOGE, ENA, POPCAT, and BSV.
On Oct. 29, Bitcoin (BTC), the leading cryptocurrency, surged past $70,000 for the first time since June, breathing new life into a market that’s been mostly stagnant for seven months. This rally was fueled by speculation around possible impacts from next week’s U.S. election and strong inflows into crypto-focused exchange-traded funds.
With a 5% gain on the day, Bitcoin reached an intraday high of $71,540, sparking hopes it may approach its March record high of $73,737. Its market cap stood at $1.4 trillion when writing.
The recent price rally coincides with increasing odds for Republican presidential nominee Donald Trump in the prediction market Polymarket, with users betting on a 65.8% chance of his victory over Democratic candidate Vice President Kamala Harris. A trump victory is generally considered bullish for the sector given the former president’s endorsement of crypto.
Renewed inflows into U.S.-based spot Bitcoin ETFs have also contributed to the positive momentum in BTC price, with $920 million pouring into Bitcoin funds last week alone and net inflows surpassing $3.5 billion this month.
Market observers have also spotlighted bullish signals emerging in Bitcoin’s technical setup. Notably, Crypto Rover pointed to a ‘golden cross’—Bitcoin’s 50-day moving average crossing above the 200-day moving average, a setup that previously led to a doubling in Bitcoin’s price within five months.
In a separate post, Rover noted that the bellwether has broken out of a bull flag pattern, another major bullish indicator in technical analysis.
The momentum fuelling Bitcoin’s rally also extended to the broader altcoin market, with many tokens posting double-digit gains.
In the past 24 hours, Dogecoin (DOGE), the first meme coin, rose 15.1%, trading at $0.1653—its highest point in the last five months—with a market cap of $24.2 billion. Ethena (ENA) gained 13.7%, while Popcat (POPCAT) reached a new all-time high of $1.69, pushing its market valuation past $1.66 billion. Bitcoin SV (BSV), a crypto asset that historically mirrors Bitcoin’s price movements, also gained 11.9%, ranking among the top gainers of the day.
The largest altcoin, Ethereum (ETH) was also up 4.4%, exchanging hands at $2,618 with other major cryptocurrencies such as BNB (BNB), Solana (SOL), and XRP (XRP) seeing gains of 1-3%. This contributed to a 2.2% increase in the global market cap, now at $2.51 trillion.
