Crypto Market Sees Bull Run, Bitcoin Breaks Free from Three-Month Slump
The crypto market is witnessing a significant upswing, with experts pointing to the upcoming US presidential elections as the primary catalyst for the surge. In a notable development, Bitcoin, the leading cryptocurrency, has finally broken free from its three-month price slump. On Monday, October 21, Bitcoin was trading at $68,771 on international exchanges, according to CoinMarketCap. The cryptocurrency’s profit margin also rose by around one percent in the last 24 hours on both national and international exchanges.
As per Indian exchanges, including CoinSwitch and Giottus, Bitcoin was priced at $69,982. Edul Patel, CEO of Mudrex, attributes the surge to the approaching US presidential elections, stating that investors are optimistic about a more crypto-friendly environment. “Bitcoin is continuing its upward momentum. This surge has attracted record weekly inflows into spot ETFs, with $2 billion pouring in over the past seven days,” he told Gadgets360.
Ether, the second-most expensive asset after Bitcoin, also logged a significant price hike of 3.62 percent in the last day. It was trading at $2,739 on international exchanges, with its price hovering over $2,760 on Indian exchanges. According to Avinash Shekhar, Co-Founder and CEO of Pi42, Ether is showing strong bullish momentum and is expected to continue rising to $2,850, where selling pressure might emerge.
The market rally has also helped most altcoins see gains, with Solana, USD Coin, Ripple, Tron, Avalanche, Shiba Inu, and Polkadot registering profits on Monday. Dogecoin, Leo, Litecoin, Cardano, and Polygon also secured profits on the price chart. Vikram Subburaj, CEO of Giottus, noted that key altcoins have surged with confidence, with memecoins continuing to be among the top gainers this week.
The overall crypto market cap rose by 1.76 percent in the last 24 hours, reaching a valuation of $2.38 trillion, according to CoinMarketCap. However, Stellar, Cronos, Neo Coin, Iota, and Circuits of Value recorded losses. The CoinSwitch markets desk pointed out that the OND quarter (October-November-December) is historically bullish, especially in a BTC halving year. The current US election year and the USDT market cap hitting a record $120 billion have added fuel to the bullish outlook.
