Crypto turns green as Bitcoin flirts with $73k

Most cryptocurrencies have been trading in the green over the past 24 hours, with the Bitcoin price rising to $73,000, pushing the value of the global crypto market to $2.45 trillion.

This happened as the flagship digital asset Bitcoin (BTC) surpassed $73,000 on October 29. This is the highest level for BTC since the bulls reached a new all-time high in March 2024.

According to Crypto.news data, the BTC price increased by 5.7% to $ 73,001 in 24 hours on major exchanges. This meant that the bulls touched the psychological $73,000 level again. Although Bitcoin is trading just below $72,930 at the time of writing, crypto analysts suggest the bulls may not be over yet.

VanEck’s head of digital assets, Matthew Sigel, said in an interview with CNBC on October 28 that the current market, including the November 5 vote, is very bullish for Bitcoin.

Master trader Peter Brandt also contributed to the bullish projection, suggesting that BTC would go to $94,000.

Bitcoin $BTC
There are many ways to set goals. One variable is whether a semi-log or linear scale is used
The 94,000 target is the measured movement of the predicted triangle from the breakout level in the semi-log
⬇️ 🧵 1/3 pic.twitter.com/VI0n7OAvia

— Peter Brandt (@PeterLBrandt) 29 October 2024

Some analysts expect that a breakout above ATH would invite a respite, possibly as profits attract bids. However, a more bullish perspective is that the market will continue its rise in the coming months.

This sentiment helped most altcoins move higher. Ethereum (ETH) is above $2,650, BNB (BNB) is above $607, and Solana (SOL) is above $181. While Sui (SUI) rose 24% to $2.03, meme coins also rose, led by Popcat (POPCAT).

But there are industries that have outperformed others and may continue to excel.

According to crypto analyst Miles Deutscher, memes have been the best-performing sector, up +219% year-to-date. But artificial intelligence, real-world assets, the Bitcoin ecosystem, and the decentralized network of physical infrastructure have also outpaced the rest of the market.

According to the analyst, AI tokens, like BRC-20 tokens, are up 217% YTD, while RWA (+134%) and DePIN (+73%) peaked in the middle of the 2024 bull cycle.

However, not all sectors have experienced an increase since the beginning of the year. While cryptocurrencies in the social finance, zero-knowledge and metadata space have been on the rise in recent weeks, SocialFi was among the worst-performing sectors, falling 57%, ZK -36% and metaverse -30%. Governance tokens and layer-2 tokens are also in this category with 25% and 16% YTD returns respectively.