As Bitcoin surpasses $68,000, the cryptocurrency market experiences a bull run fueled by optimism regarding the upcoming US elections. Bitcoin’s rise has encouraged inflows into spot ETFs while most altcoins also register significant gains. Ethereal assets like Ether have seen upward momentum. Overall, the cryptocurrency market cap has grown, indicating a robust trading environment ahead of November’s elections.

The cryptocurrency market is currently witnessing a notable bull run, primarily attributed to the anticipation surrounding the upcoming US elections. After enduring a three-month decline, Bitcoin has regained momentum and was valued at $68,771 (approximately Rs. 57.8 lakh) in international markets on Monday, October 21, according to CoinMarketCap. Within a 24-hour period, Bitcoin witnessed an increase of about one percent across both national and global exchanges. In India, platforms such as CoinSwitch and Giottus reported Bitcoin prices at $69,982 (around Rs. 58.8 lakh). “With the US presidential elections approaching, investors are exhibiting optimism regarding a potentially more favorable environment for cryptocurrencies, which is driving increased market activity. Bitcoin continues to trend upwards. This surge has resulted in unprecedented inflows into spot ETFs, with $2 billion (approximately Rs. 16,813 crore) invested over the past week,” stated Edul Patel, CEO of Mudrex, in an interview with Gadgets360. Ether, the second-largest cryptocurrency following Bitcoin, also experienced a price increase of 3.62 percent within the last day, trading at $2,739 (about Rs. 2.3 lakh) across international exchanges. On Indian platforms, the price of Ether was reported at over $2,760 (approximately Rs. 2.32 lakh). “ETH has successfully broken out of a symmetrical triangle and demonstrates strong bullish momentum. It may escalate to $2,850 (approximately Rs. 2.40 lakh), where selling pressure may emerge. A retest of this level would suggest buying during dips, whereas a decline below the 20-day EMA would imply bearish sentiment,” commented Avinash Shekhar, Co-Founder and CEO of Pi42, to Gadgets360. Furthermore, most altcoins benefited from this market rally. Cryptocurrencies such as Solana, USD Coin, Ripple, Tron, Avalanche, Shiba Inu, and Polkadot mirrored the positive trends of Bitcoin and Ether on Monday. Other cryptocurrencies, including Dogecoin, Leo, Litecoin, Cardano, and Polygon, also reported profits according to the price charts. “Prominent altcoins have surged with renewed confidence. Memecoins remain at the forefront of this week’s gains. A robust month-end finish is anticipated as we approach the US elections in November,” remarked Vikram Subburaj, CEO of Giottus, while speaking to Gadgets360. The total cryptocurrency market capitalization increased by 1.76 percent over the last 24 hours, reaching an estimated $2.38 trillion (about Rs. 2,00,08,386 crore) based on CoinMarketCap data. However, certain assets such as Stellar, Cronos, Neo Coin, Iota, and Circuits of Value recorded losses. The CoinSwitch markets desk pointed out, “Historically, the October-November-December quarter tends to be bullish, particularly during Bitcoin halving years. Adding to this optimism, the USDT market cap has surged to a record $120 billion (approximately Rs. 10,08,726 crore), solidifying its status as the largest stablecoin globally. The current election year in the US is further enhancing the bullish sentiment, with prediction markets indicating increased odds for Donald Trump’s victory.”

The cryptocurrency market is heavily influenced by various external factors, including political events, technological advancements, and market sentiment. The upcoming US presidential elections have generated considerable speculation about how the outcome could affect regulations and the broader acceptance of cryptocurrencies. Bitcoin, as the leading cryptocurrency, often leads market trends, and its performance can significantly influence the sentiment of other altcoins. Additionally, during periods of heightened market activity, spot exchange-traded funds (ETFs) tend to attract substantial investments, further propelling the market upwards. Understanding these dynamics is crucial for investors looking to navigate the complexities of the cryptocurrency landscape.

The current bullish trend in the cryptocurrency market can be attributed to the optimism surrounding the upcoming US elections. Bitcoin’s resurgence to above $68,000 and the positive movement across most altcoins suggest a favorable trading environment. Analysts emphasize the importance of monitoring market trends and investor confidence, particularly as election outcomes may impact cryptocurrency regulation and acceptance. Overall, the current economic climate and investor sentiment point towards a potentially prosperous period for cryptocurrencies as we approach year-end.

Original Source: www.gadgets360.com

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