Bitcoin’s surge above $69,000 has triggered a market-wide rally, with altcoins also experiencing substantial gains. The rally is being fueled by heightened institutional interest in cryptocurrencies and positive regulatory developments. Bitcoin’s price has risen almost 2% in a day and is now trading at around $69,400. It is expected to reach $70,000 soon, given the ongoing market optimism reflected in the Crypto Fear & Greed Index, which remains in the “greed” zone.
The rally has not only impacted Bitcoin but also other altcoins. ApeCoin (APE) has experienced the biggest gains in the last 24 hours, rising over 60% after the launch of ApeChain, a new blockchain developed by the ApeCoin DAO. Ethereum (ETH), the second-largest cryptocurrency, has also seen gains of 4% after surpassing the $2,700 mark. Ethereum layer 2 tokens, such as Optimism (OP), Arbitrum (ARB), Starknet (STRK), Immutable (IMX), and Polygon, have also witnessed significant surges.
Other top coins like Binance Coin (BNB) and Solana (SOL) have made major advancements as well. BNB has reclaimed the $600 mark, and SOL has soared to $170. Tokens in the artificial intelligence field, including Bittensor (TAO), have also gained attention, with TAO rising 7% to $600.
The widespread rally has increased the total market cap to $2.5 trillion, reflecting a 1% increase in the last 24 hours. Standard Chartered predicts that Bitcoin may revisit its previous all-time high of $73,800 before the next US presidential election. The bank attributes this potential surge to growing institutional interest in Bitcoin ETFs and the improved odds of Donald Trump winning the election. Trump’s favorable stance towards cryptocurrencies compared to Kamala Harris’s has influenced traders’ preferences, with Trump leading the poll with over a 60% chance.
Bitwise CIO Matt Hougan also sees the upcoming election, strong ETF demand, increased whale accumulation, reduced supply post-halving, and global economic factors as bullish catalysts for Bitcoin’s price. As of October 20, US spot Bitcoin ETFs have witnessed over $21 billion in net inflows, surpassing the achievement of gold ETFs in terms of attracting investors.