Bitcoin continues its impressive rally, nearing its all-time high after crossing the $71,000 mark. The current price stands at $71,045, just $2,000 away from its previous peak of $73,737 on March 14, 2024. This surge represents a 4.91% increase in the past day.
Following Bitcoin’s lead, memecoins have also experienced significant gains in the last 24 hours. DOGE, SPX, BRETT, POPCAT, and FLOKI have all seen increases of over 10%. DOGE is currently trading at $0.1661, marking a 14.62% jump, while POPCAT is exchanging hands at $1.69 after a 16.39% increase.
The global cryptocurrency market cap now sits at $2.49 trillion, reflecting a 1.84% change in the last day. This surge may be attributed to several upcoming events, including the U.S. election on November 5, the release of the U.S. Gross Domestic Product (GDP) report on Wednesday, and the Federal Open Market Committee (FOMC) meeting scheduled for two days after the election. Therefore, it is not just Bitcoin that has experienced rapid growth, but also other altcoins and memecoins.
With the $70,000 mark holding significant psychological weight, and considering that Bitcoin is just 5.3% away from its all-time high, excitement among crypto enthusiasts is palpable. This optimism is fueled by a combination of both economic and political factors influencing the market.