All top-10 cryptocurrencies by market capitalization showed growth amid the flagship's upward movement. Notably, the price of Dogecoin (DOGE) increased by +15.4% over 24 hours.
On the morning of October 29, the quotes of the first cryptocurrency rose above the mark of $71,000.
At the time of writing, Bitcoin is trading around $71,200. Over the past 24 hours, the asset has risen by 4.7%, according to CoinGecko.
The total market capitalization increased to $2.51 trillion. The BTC dominance index is 56%, ETH is 12.6%.
Technical analyst Peter Brandt suggested that the chart of digital gold has completed the 'expanding inverted triangle' pattern formed over the last five months.
Previously, Bernstein analysts linked Bitcoin's October rally to an increase in Donald Trump's chances of winning the U.S. presidential election. The company's specialists reiterated their forecast of a price of $200,000 by the end of 2025, calling it 'conservative'.
Jeff Kendrick, head of digital asset research at Standard Chartered, stated that the first cryptocurrency will update its historical maximum above $73,000 amid the elections.
Recall that on October 21, Bitcoin quotes tested $69,000, but by the weekend the rate retreated to around $66,000 amid concerns about the global economic consequences of Israel's strike on Iran.
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