As speculation about the upcoming U.S. election results intensifies, Bitcoin surpassed $71,000, hitting a new all-time high. This surge also boosted altcoins like DOGE, ENA, POPCAT, and BSV, which experienced double-digit gains.

Bitcoin Reaches Its Highest Level Since June

On October 29, Bitcoin (#BTC☀ ), the leading cryptocurrency, crossed the $70,000 threshold for the first time since June, reviving a market that had been mostly stagnant for seven months. The rally was fueled by speculations around the potential impact of the upcoming U.S. elections and strong inflows into cryptocurrency-focused funds. With a daily gain of 5%, Bitcoin reached an intraday high of $71,540, raising expectations that it could approach its record high of $73,737 from March. Bitcoin’s market capitalization currently stands at $1.4 trillion.

BTC 24-hour price chart — Oct. 29 | Source: crypto.news

U.S. Election Impact and Increased ETF Inflows

The price surge coincides with rising odds for Republican candidate Donald Trump, who, according to the prediction platform Polymarket, has a 65.8% chance of winning against Democratic candidate Kamala Harris. Trump’s victory is generally viewed as favorable for the crypto sector due to his supportive stance on cryptocurrencies.

Another factor contributing to BTC’s price rise is the inflow into U.S. spot Bitcoin ETFs, with $920 million invested last week alone, bringing this month’s total net inflows to over $3.5 billion.

Technical Signals Indicate Continued Growth

Market observers have noted bullish signals in Bitcoin’s technical analysis. Analyst Crypto Rover highlighted the “golden cross,” where Bitcoin’s 50-day moving average crosses above the 200-day moving average, which previously led to a doubling of Bitcoin’s price within five months. In another comment, Rover pointed out that Bitcoin has broken out of a “bull flag” pattern, which is another strong bullish indicator.

Altcoin Growth Boosts the Broader Market

Bitcoin’s growth positively impacted the altcoin market, where many tokens saw double-digit gains. Dogecoin (#doge⚡ ), the first #memecoin🚀🚀🚀 , rose by 15.1% in the last 24 hours, trading at $0.1653 — the highest price in the last five months, with a market capitalization of $24.2 billion. Ethena (ENA) gained 13.7%, while Popcat (#popcat ) reached a new all-time high of $1.69, pushing its market value to $1.66 billion. Bitcoin SV (BSV) rose by 11.9%, ranking among the top performers of the day.

Ethereum and Other Cryptocurrencies Also See Gains

The leading altcoin, Ethereum (#ETH🔥🔥🔥🔥 ), recorded a 4.4% increase, trading at $2,618. Other major cryptocurrencies, like BNB (BNB), Solana (SOL), and XRP (XRP), also posted gains between 1–3%, contributing to a 2.2% rise in the global market capitalization, now standing at $2.51 trillion.

$DOGE , $BTC

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