DOGE, ENA, POPCAT, BSV surge double-digits as BTC surpasses $71K and hits new ATH

As speculation intensifies regarding the potential outcomes of next week’s US elections, Bitcoin has surpassed $71,000, reaching a new all-time high and sparking double-digit gains in altcoins such as DOGE, ENA, POPCAT and BSV.

Leading cryptocurrency Bitcoin (BTC) broke above $70,000 on October 29 for the first time since June, breathing new life into a market that has been mostly stagnant for seven months. This rally was fueled by speculation about the possible impact of next week’s US elections and strong inflows into crypto-focused exchange-traded funds.

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

Bitcoin gained 5% on the day to hit an intraday high of $71,540, sparking hopes that it could approach its March record of $73,737. At the time of writing, its market cap was $1.4 trillion.

The latest rise in prices coincides with an increase in the chances of Republican presidential candidate Donald Trump on the prediction market Polymarket; users predict Trump has a 65.8% chance of victory against Democratic candidate Vice President Kamala Harris. Trump’s victory is widely considered a bullish signal for the industry, given the former president’s support of crypto.

Renewed inflows into US-based spot Bitcoin ETFs also contributed to the positive momentum in BTC price; Last week alone, $920 million flowed into Bitcoin funds, and this month net inflows exceeded $3.5 billion.

Market observers also noted bullish signals emerging in Bitcoin’s technical structure. In particular, Crypto Rover pointed out the “golden cross” where Bitcoin’s 50-day moving average exceeded the 200-day moving average; This was a setup that previously led to the price of Bitcoin doubling in five months.

Rover noted in a separate post that the lead broke the bull flag formation, another important bullish indicator in technical analysis.

The momentum fueling Bitcoin’s rally has also spread to the broader altcoin market, with many tokens posting double-digit gains.

Over the past 24 hours, the first meme coin, Dogecoin (DOGE), traded at $0.1653 (the highest point in the last five months), with a market cap of $24.2 billion, up 15.1%. Ethena (ENA) gained 13.7%, while Popcat (POPCAT) reached an all-time high of $1.69, pushing its market valuation to over $1.66 billion. Bitcoin SV (BSV), a crypto asset that has historically mirrored Bitcoin’s price movements, was also among the top gainers of the day, gaining 11.9% in value.

The largest altcoin Ethereum (ETH) also changed hands at $2,618, up 4.4%, and other major cryptocurrencies such as BNB (BNB), Solana (SOL), and XRP (XRP) gained 1-3%. This contributed to a 2.2% increase in global market capitalization, which now stands at $2.51 trillion.