Bitcoin Leads the Charge in Crypto Market Rally as US Elections Approach
In a surprising turn of events, the crypto market is experiencing a powerful rally led by Bitcoin (BTC), with the leading cryptocurrency gaining over 5.4%, pushing its price past the $71,200 mark. This surge comes just days before the upcoming US elections, with market speculation suggesting a possible correlation with the political landscape.
As Bitcoin climbs toward a potential new all-time high, anticipation for an “Altseason” is growing, with Ethereum (ETH), Solana (SOL), and other altcoins also showing impressive gains.
Bitcoin’s Rise and Election Speculation
The rally is happening against the backdrop of the US elections, where former President Donald Trump is reportedly gaining ground over Kamala Harris in the prediction markets. Analysts are calling this movement the “Trump trade,” as investors seem to be pricing in a potential Trump victory.
According to Polymarket data, Trump currently holds a 66.3% chance of winning the upcoming election. As investors and traders monitor this political shift, the Bitcoin market continues to display technical strength. Notably, veteran trader Peter Brandt pointed out that Bitcoin has completed a five-month inverted expanding triangle pattern, signaling bullish momentum.
Market experts predict that, with this new wave of momentum, Bitcoin could hit $80,000 by the end of November.
Spot Bitcoin ETFs See Massive Inflows
Another major factor driving the Bitcoin rally is the significant inflows into spot Bitcoin ETFs, particularly BlackRock’s IBIT fund. October alone has seen more than $3 billion in inflows, with IBIT averaging $200 million daily over the last ten trading sessions. On October 28, US Bitcoin ETFs recorded nearly $500 million in total inflows, with BlackRock IBIT contributing $300 million.
Since its inception, the IBIT fund has attracted more than $24 billion, making it one of the top three ETFs launched in 2024.
Altcoin Rally on the Horizon
As Bitcoin continues to lead the charge, altcoin enthusiasts are eagerly watching for a rally in their favorite coins. Ethereum (ETH) has surged by 5.3%, surpassing $2,600 and putting to rest any doubts about the blockchain’s longevity.
Other notable gainers include Bitcoin Cash (BCH), up 8%, and Avalanche (AVAX), gaining 5.86%. Binance Coin (BNB) and Solana (SOL) also posted steady gains of 3%, contributing to the broader altcoin market’s bullish sentiment.
Crypto analyst Miles Deutscher emphasized that Bitcoin’s dominance, which has now risen to 60%, is a positive sign for the upcoming altcoin rally. According to Deutscher, Bitcoin outperformance tends to precede stronger, more sustainable altcoin runs.
Meme Coins Dogecoin and Shiba Inu Surge
Meme coins are once again making headlines, with Dogecoin (DOGE) and Shiba Inu (SHIB) surging by 10% each. Investors are keeping an eye on these popular tokens as their communities grow in size and influence, sparking excitement for more gains ahead.
November Outlook
With Bitcoin leading the way, the crypto market is poised for an exciting month ahead. All eyes are now on whether altcoins will follow suit, and if meme coins like DOGE and SHIB will continue to outperform as market conditions evolve.
Will Bitcoin reach new all-time highs before the US elections? And is an Altseason truly upon us? November promises to be a pivotal month for the crypto market.
Stay Connected with Kenya Crypto Magazine
For the latest news and updates on crypto in Kenya, be sure to follow Kenya Crypto Magazine:
- Twitter: Kenya Crypto Magazine
- Instagram: Kenya Crypto Magazine
- WhatsApp: Join the Group
ENG WANJIKU
Views: 0
