Most cryptocurrencies are trading in the green in the past 24 hours, as Bitcoin price rose to £73,000 to push the global crypto market cap to £2.45 trillion.
This happens as Bitcoin (BTC), the flagship digital asset, topped £73,000 on Oct. 29. This is the highest level for BTC since bulls hit the all-time high in March2024.
Per crypto.news data, BTC price rose to highs of £73,001 across major exchanges, with a 5.7% surge in 24 hours. This meant bulls touched the psychological £73,000 mark again. While Bitcoin trades just below £72,930 at the time of writing, crypto analysts suggest bulls may not be done yet.
In an Oct. 28 interview with CNBC, VanEck head of digital assets Matthew Sigel said the current market, including the Nov. 5 vote, offers a very bullish setup for Bitcoin.
Veteran trader Peter Brandt also added to the bullish projection, suggesting BTC is headed to £94k.
B I T C O I N £BTCThere are numerous ways to determine targets. One variable is whether semi-log or linear scale is usedTarget of £94,000 is measured move of triangle projected from breakout level on semi-log⬇️ 🧵 1/3 pic.twitter.com/VI0n7OAvia
— Peter Brandt (@PeterLBrandt) October 29, 2024
Some analysts expect a breakout past the ATH will invite a breather as likely profits attract bids. However, the more bullish perspective is that the market is set to continue higher in coming months.
This sentiment has helped push most altcoins higher. Ethereum (ETH) is above £2,650, BNB (BNB) above £607 and Solana (SOL) £181. Sui (SUI) is up 24% to £2.03, while meme coins have also pumped, led by Popcat (POPCAT).
Read more: DOGE, ENA, POPCAT, BSV surge double-digits as BTC surpasses £71K and nears ATH
However, there are sectors that have outpaced the rest and could continue to dominate.
According to crypto analyst Miles Deutscher, memes with +219% year-to-date are the top performing sector. However, also outpacing the rest of the market have been artificial intelligence, real-world assets, Bitcoin ecosystem and decentralized physical infrastructure network.
Per the analyst, AI tokens are up 217% YTD as are BRC-20 tokens, while RWA (+134%) and DePIN (+73%) have topped amid the 2024 bull cycle.
But not all sectors are enjoying an uptick year-to-date. While coins in social finance, zero-knowledge and metaverse have nudged higher in recent weeks, SocialFi is down 57%, ZK -36% and metaverse -30% to rank among worst performing sectors. Governance tokens and layer-2 tokens are also in this category, with -25% and -16% YTD returns respectively.
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