Bitcoin has officially reached a new peak, surpassing the previous high from March and holding above $74,500 on U.S. Election Day. This marks strong growth of $BTC amidst increased demand from ETF funds and optimistic sentiment surrounding the election that could potentially bring Donald Trump back to the White House.
Although Bitcoin has reached an all-time high, some altcoins are seeing even more impressive increases. Dogecoin ($DOGE ) has risen 7% to nearly $0.17, while other altcoins like Solana ($SOL ) and Avalanche (AVAX) have increased by about 5%. Some meme coins like BONK and MEW have even surpassed DOGE in terms of daily growth.
This growth trend indicates signs of #Altcoin Season — a period when altcoins tend to grow stronger than Bitcoin. Analysts predict that Bitcoin's volatility will continue as election results are announced. The perception of former President Donald Trump as a 'crypto-friendly' candidate has boosted positive investment sentiment in the crypto market, particularly for Bitcoin and altcoins.
In the past 24 hours, the market has witnessed around $248 million in crypto futures contracts getting liquidated, mainly long positions, as investors expect prices to continue rising. The launch of Bitcoin ETF funds earlier this year has also contributed to pushing Bitcoin prices higher, as traditional investors find it easier to access this asset through products from giants like #BlackRock and Fidelity.
With the strong growth of altcoins compared to Bitcoin, there are many signs that Altcoin Season may be approaching, bringing a significant wave of growth for altcoins in the crypto market.