Bitcoin Reaches $71K On Surprise Surge...The Next Bull Run?

BTC Soars 3%...3.4% Up To the Highest
Altcoins Turns Upward Trend as BTC rises
Experts Say "BTC breaks The Highest Soon"

Bitcoin(BTC) surpassed $71,000 due to the continued success of Bitcoin Spot Exchange Fund(ETF) in the U.S. and expectations for the U.S. presidential election.

Bitcoin surged 3% on the morning of Oct. 29 to surpass $70,000, and continued its rise in the afternoon to surpass $71,000 and was about 3.4% ahead of its peak of $73,700.

Analysts are following that the U.S. Bitcoin spot ETF has driven Bitcoin's rise. According to data released by financial data platform Faside Investor on Oct. 28, Bitcoin spot ETFs in the U.S. recorded a net inflow of about $920 million in the fourth week of October, achieving a cumulative net inflow of about $25.4 billion. In particular, Bitcoin spot ETFs in the U.S. recorded net inflows from the 11th to the 22nd of this month except for one day.

In addition, the fact that the U.S. presidential election is a week away is also cited as the reason for Bitcoin's rise. Analysts say that expectations surrounding Bitcoin have risen on the news that former President Trump, a "pro-cryptocurrency candidate," is ahead of Vice President Harris in approval ratings in a number of polls.

In addition, Vice President Harris also expressed her intention to support the cryptocurrency industry through an official pledge, and the expectation that both candidates will support the cryptocurrency market after being elected as the new U.S. president is reflected in the market.

With Bitcoin's rise, altcoins also rose. A number of altcoins recorded an increase of more than 2%.

◇Bitcoin = Bitcoin price is $70,901 at 4:30 p.m. on Oct. 29, 2024. The Bitcoin share (dominance) was 59.71%.

As Bitcoin surged ahead of the U.S. presidential election, experts once again predicted that Bitcoin's bull market is approaching.

In a report published on the 29th, Bitfinex predicted former President Trump's victory in the U.S. presidential election, stressing that Bitcoin will hit an all-time high and bring a perfect storm to the cryptocurrency market.

"When the U.S. presidential election begins, the cryptocurrency market will suffer from very large price volatility, but this will eventually create a perfect storm in the market and produce Bitcoin's highest price in the fourth quarter," the report said. "A very exciting season is coming."

VanEck's research team, led by Matthew Siegel, also predicted that the Bitcoin bull market will begin in the near future with the U.S. presidential election.

"In 2020, Bitcoin soared in the same pattern," the report said. "When the winner of the presidential election was announced, Bitcoin rallied with high volatility."

◇ Upward Coin = The cryptocurrency that recorded the largest increase from the previous trading day at 4:30 p.m. on Oct. 29 was Stacks(STX), up about 6%.

Stacks is a Layer 1 blockchain solution that is a cryptocurrency used on a platform for the decentralized Internet called Blockstack. It is used in Blockstack to develop and run distributed apps with smart contracts.

Unlike Bitcoin, Stacks Token uses a new mining algorithm called POX. POX is a hybrid consensus mechanism that allows Stacks to benefit from the security of its Bitcoin network while allowing developers to create new tokens and smart contracts on top of the Stacks blockchain.

Grosstalkcoin is a platform that supports the Lightning network as the first coin to run by separating Segwit from Bitcoin.

Segwit is a software upgrade system that increases the storage capacity of each block by separating the digital signature part from the block of Bitcoin. This has the advantage of strengthening anonymity and security and making transactions through a peer-to-peer (P2P) method, making the fee very low.

◇Fear Greed Index = The cryptocurrency fear-greed index provided by Alternative has entered the Greed phase with 72 points. The Greed phase is a phase where price volatility and trading volume increase, and the price increases. As it is highly likely to form a short-term high, caution should be taken in selling.

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