Bitcoin surged past $71,000 for the first time since June, reaching a new all-time high on October 29 and spurring significant gains across the crypto market. The leading cryptocurrency hit an intraday high of $71,540, edging closer to its March record of $73,737 and bringing its market cap to $1.4 trillion. The rally comes amid growing speculation over the upcoming U.S. election, with predictions favouring a Republican victory.
BTC 24-hour price chart — Oct. 29
Altcoins See Double-Digit Gains
Bitcoin’s rally extended to popular altcoins, including Dogecoin (DOGE), Ethena (ENA), Popcat (POPCAT), and Bitcoin SV (BSV), all posting double-digit gains. DOGE jumped 15.1%, reaching a five-month peak of $0.1653, while ENA rose by 13.7%. Meme coin Popcat hit a record high of $1.69, bringing its market valuation to $1.66 billion, while BSV, often tracking Bitcoin’s performance, gained 11.9%.
Bullish Technical Indicators Drive Momentum
Recent Bitcoin inflows into U.S. spot-based Bitcoin ETFs have added fuel to the surge, with a record $920 million entering funds last week, contributing to net inflows of $3.5 billion in October. Additionally, Bitcoin recently formed a “golden cross” on its technical charts—a signal where the 50-day moving average crosses above the 200-day moving average, indicating a strong upward trend.
Market watchers attribute Bitcoin’s performance partly to increased predictions of a Trump victory in next week’s U.S. election, with Polymarket giving the Republican nominee a 65.8% win probability. Former President Trump’s favourable stance on cryptocurrency has led to widespread optimism about potential policy benefits.
Global Crypto Market Gains
The altcoin rally also helped lift the total cryptocurrency market cap by 2.2%, reaching $2.51 trillion. Other major cryptocurrencies, including Ethereum (up 4.4% to $2,618), Binance Coin, Solana, and XRP, also saw modest gains, highlighting renewed interest in the digital asset market. With the election approaching and a bullish technical outlook, crypto markets may see continued volatility in the days ahead.
