The cryptocurrency market has recently seen a significant surge, with analysts attributing this momentum to the upcoming US elections. After a three-month period of decline, Bitcoin managed to break free from this pattern, trading today at a price of $68,771 in international exchanges according to CoinMarketCap.
In the last 24 hours, Bitcoin recorded a 1% increase in both national and international exchanges, with its price in Indian exchanges like CoinSwitch and Giottus reaching around $69,982.
Eidol Patel, CEO of Modriex, commented on the market situation, stating: “With the approaching US presidential elections, investors are feeling optimistic about a more crypto-friendly environment, increasing market activity.” He added that Bitcoin continues its upward momentum, witnessing record weekly inflows to exchange-traded funds, with about $2 billion flowing in over the past seven days.
As for Ethereum, it also saw a 3.62% increase in the last day, trading at $2,739 in international exchanges. In Indian exchanges, Ethereum’s price hovers around $2,760 according to cryptocurrency price trackers.
Avnash Sikhar, Co-founder and CEO of Pi42, stated: “Ethereum has broken out of a symmetrical triangle and shown strong upward momentum, likely to continue rising to $2,850, despite the possibility of selling pressure.” He also pointed out that the retest structure indicates buying on dips, while a drop below the twenty-day moving average signals bearish sentiment.
The market rise also helped most alternative coins achieve gains. Vikram Suburaj, CEO of Giottus, said: “Prices of major alternative coins have risen confidently, with Memecoins remaining among the biggest gainers this week. A strong end to the month is expected before the US elections in November.”
The total market capitalization of cryptocurrencies increased by 1.76% in the last 24 hours, bringing the sector’s total value to $2.38 trillion according to CoinMarketCap.
