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Kriptoteka > Market > Altcoins > Bitcoin Surpasses $69K, Sparks Major Market Rally
Altcoins

Bitcoin Surpasses $69K, Sparks Major Market Rally

marcel.mihalic@gmail.com
Last updated: October 21, 2024 3:39 am
By marcel.mihalic@gmail.com 4 Min Read
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Key Insights

  • Bitcoin surpassing $69,000 establishes a new record, triggering a widespread market surge.
  • This surge is fueled by increased interest from institutions and favorable regulatory news.

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Bitcoin is making headlines again, having crossed the $69,000 mark on Sunday. This new rally has sparked widespread activity in the crypto market, with numerous altcoins also making gains over the past 24 hours.

The dominant cryptocurrency has seen an almost 2% increase in a day, currently trading around $69,400, according to CoinGecko. It appears to be on track to approach the $70,000 mark as market sentiment remains positive, with the Crypto Fear & Greed Index indicating a state of “greed” among market participants.

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Bitcoin’s strong performance has prompted a rally throughout the broader market. Various altcoins, which began increasing in value yesterday, have continued to register gains, and many are now reflecting Bitcoin’s upward trend.

ApeCoin (APE) has emerged as the top gainer in the last 24 hours, surging over 60%. This increase follows the launch of ApeChain—a new layer 3 blockchain brought forth by the ApeCoin DAO. The launch not only boosts APE’s price but also significantly increases its market volume, which has experienced an almost 3000% rise, surpassing the $1 billion threshold.

Ethereum (ETH), the second-largest cryptocurrency by market capitalization, has gained 4% after breaking the $2,700 barrier on Saturday, as per data from CoinGecko.

Furthermore, Ethereum layer 2 tokens have also enjoyed considerable profits in the past day. Optimism (OP), Arbitrum (ARB), and Starknet (STRK) each rallied by over 8%, while Immutable (IMX) gained 6%, and Polygon increased by 4%.

In addition to Bitcoin and Ethereum, other leading cryptocurrencies like Binance Coin (BNB) and Solana (SOL) have made significant progress. BNB has reclaimed the $600 mark, while SOL surged to $170.

Tokens related to artificial intelligence, one of the most promising trends this season, are also receiving attention. Bittensor (TAO) has been the leader among AI tokens, climbing 7% to reach $600 throughout the day.

This widespread crypto rally has lifted the total market capitalization to $2.5 trillion, marking a 1% increase in the last 24 hours.

Bitcoin Pursues New Records Ahead of the US Presidential Election

Standard Chartered predicts that Bitcoin may revisit its previous all-time high of $73,800 before the next US presidential election. The bank anticipates a price surge due to rising institutional interest in Bitcoin ETFs and improving election prospects for Donald Trump.

Data from Polymarket reveals that traders view Trump as the preferred candidate over Kamala Harris for the upcoming presidency. Trump currently leads with over a 60% chance, while Harris trails at around 39%.


If Trump wins, Bitcoin’s value could experience a short-term increase, according to Standard Chartered. Trump has shifted away from his previous anti-crypto stance and is now positioning himself as one of the most pro-crypto candidates, while Harris has only recently started to demonstrate support.

Bitwise CIO Matt Hougan also views the forthcoming election and strong demand for ETFs, combined with other crucial factors such as increased whale accumulation, diminished supply following the halving, and global economic aspects, as bullish indicators for Bitcoin’s price movements.

As of October 20, US spot Bitcoin ETFs have recorded over $21 billion in net inflows—a remarkable achievement that took years for gold ETFs to realize.

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