Cryptocurrency Market Sees Rally, Bitcoin Surpasses $69,000 Mark

The cryptocurrency market is seeing a rally, with Bitcoin leading the charge by surpassing the $69,000 mark.

Bitcoin price crossed the three-month high on Monday, touching $69,000 (roughly Rs 58,35,227) in early trading. After rising to a high of $69,408.1 (roughly Rs 58,35,227) on international exchanges, the cryptocurrency saw a slight price correction, trading at $67,832.23 (roughly Rs 56,95,803) at 6:50 PM with a minimal loss of 0.62%, as noted by CoinMarketCap.

Meanwhile, the second-largest cryptocurrency, Ethereum, also saw a price increase of 1.55%, currently trading at $2,687.28 (roughly Rs 2,25,586). A report by CoinSwitch Markets Desk highlighted the significant role of the U.S. presidential election year in boosting bullish sentiments for Bitcoin.

"There is growing excitement among crypto investors as prediction markets indicate an increased chance of a Trump victory in the upcoming election. Trump has previously supported cryptocurrencies and has even suggested that the US national debt could be managed through crypto. This rhetoric is energising the market and contributing to the rally,” the report stated.

Avinash Shekhar, Co-founder and CEO of Pi42, further elaborated on the key factors driving Bitcoin's rally, including low interest rates and market support from U.S. Vice President Kamala Harris, in addition to Trump's 60% chance of winning the election, as predicted by the markets.

"Bitcoin's rally continues to be supported by a confluence of events. While markets are pricing in a 60% chance of a Trump victory, which is adding to the bullish sentiments, we must also consider a near-term price target of $72,000 for Bitcoin. Keep an eye out for a potential drop below $66,500, which could indicate some market resistance,” said Shekhar, as quoted by The Economic Times.

"Ethereum has broken out of a pattern and could rise to $2,850 before encountering selling pressure. If it retests this level successfully, investors might consider buying during dips. However, if Ethereum falls below its 20-day moving average, it could indicate bearish sentiment," he added.

Bitcoin's market capitalisation saw a substantial increase over the last 24 hours, reaching $1.364 trillion, while it now singularly comprises 57.17 percent of the total crypto market, according to CoinMarketCap. The trading volume for Bitcoin also surged, showing a remarkable rise of 71.5 percent, with a total trading volume of $23.56 billion over the last 24 hours.

"Bitcoin has broken the key resistance at $69,000 with strong momentum. If it crosses the $70,000 threshold, a clear path to $72,000 becomes visible. A strong end to October could reverse Bitcoin’s trend of seven months of lower highs and lead it into a bullish phase, possibly reaching new all-time highs,” said Vikram Subburaj, CEO of Giottus Crypto Platform.

The above is the detailed content of Cryptocurrency Market Sees Rally, Bitcoin Surpasses $69,000 Mark. For more information, please follow other related articles on the PHP Chinese website!