The cryptocurrency market is experiencing a bull run and analysts attribute the rise to the upcoming US elections. Amid this momentum, Bitcoin has broken free from a three-month price decline. On Monday, October 21, Bitcoin was trading at $68,771 (approximately Rs 57.8 lakh) on international exchanges, CoinMarketCap showed. In the last 24 hours, BTC profit margin increased by around one percent on both domestic and international exchanges. According to Indian exchanges like CoinSwitch and Giottus, BTC is priced at $69,982 (approximately Rs. 58.8 lakh).
“As the US presidential election approaches, investors are optimistic about a more cryptocurrency-friendly environment, which will further boost market activity. Bitcoin continues its upward momentum. This surge has attracted record weekly inflows into spot ETFs, with $2 billion (approximately Rs 16,813 crore) in the last seven days,” Edul Patel, CEO of Mudrex, told Gadgets360, commenting on the state of the market.
Ether recorded a price increase of 3.62 percent over the past day. The second most expensive asset after BTC, ETH is trading at $2,739 (approximately Rs 2.3 lakh) on international exchanges, according to CoinMarketCap. Meanwhile, on Indian exchanges, ETH price is hovering around the $2,760 mark (approximately Rs. 2.32 lakh), Gadgets360 cryptocurrency price tracker showed.
“ETH broke a symmetrical triangle and showed strong bullish momentum. It may continue to rise up to $2,850 (approximately Rs 2.40 lakh), where selling pressure could arise. A retest structure here would indicate buying on dips, while a dip below the 20-day EMA would indicate bearish sentiment,” Avinash Shekhar, co-founder and CEO of Pi42, told Gadgets360.
Meanwhile, the market rally also helped most altcoins make profits. Solana, USD Coin, Ripple, Tron, Avalanche, Shiba Inu and Polkadot all followed BTC and ETH to post gains on Monday.
Dogecoin, Leo, Litecoin, Cardano, and Polygon also made gains on the price chart.
“Key altcoins have risen with confidence. Memecoins continue to be among the biggest gainers this week. A good end to the month is expected before the US elections in November,” Vikram Subburaj, CEO of Giottus, told Gadgets360.
The overall crypto market capitalization increased by 1.76 percent in the last 24 hours. With this, the valuation of the sector has reached $2.38 trillion (approximately Rs. 200,08,386 crore) according to data from CoinMarketCap.
Stellar, Cronos, Neo Coin, Iota and Circuits of Worth all posted losses.
“We should note here that historically the OND quarter (October-November-December) has always been bullish, especially if it is a BTC halving year. Adding to the optimism, the market capitalization of USDT has reached a record high of $120 billion (approximately Rs. 10,08,726 crore), reinforcing its position as the world's largest stablecoin. The current election year in the United States is adding fuel to the bullish outlook. Prediction markets are showing higher odds of Donald Trump winning,” CoinSwitch’s markets desk told Gadgets360.
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