KEY POINTS
- Many $BTC holders are expecting the coin to surge further toward a new all-time high
- Some have urged other Bitcoin users to continue observing as the rally could be 'temporary'
- Bitcoin's surge triggered an uptick among other top tokens, including $ETH, $BNB, and $DOGE
Bitcoin's struggle to get closer to its all-time high above $73,000 may be ending as it surged above $71,000 late on Monday. With just seven days left before the U.S. elections, and anticipation is building for a potential new all-time high.
Bitcoin started the day at around $67,000 before gradually climbing to break the $70,000-mark. Late Monday night, the digital coin finally surged and hit $71,500 at one point, data from CoinGecko showed.
Crypto Community on X Goes Wild
The BTC meme season on X officially kicked off as soon as the digital currency hit $70,000. Bitcoin users flooded the Elon Musk-owned social media platform with memes about how BTC bulls and maximalists may be reacting now that Bitcoin is challenging its all-time high that was hit in March.
Bitcoin bulls right now pic.twitter.com/T4Sarhxu6q
— Crypto Tea (@CryptoTea_) October 29, 2024
BITCOIN pic.twitter.com/oTiKZ2dc8R
— Kenji (@Krypto_Kenji) October 29, 2024
One user was amazed at how Bitcoin added $5,000 within the day, calling it the 12-hour "Jesus candle we've all been waiting for." Another user is looking forward to how fast the world's first decentralized cryptocurrency will move "to a new all-time high."
Is It a 'Temporary' Rally?
While most Bitcoin holders are celebrating the digital currency's significant surge, there were still some who pointed out that the 24-hour rally may be "temporary."
One user pointed out that the rally may have been driven by recent factors such as the statements VanEck's head of digital assets research Matthew Sigel, and predictions that Bitcoin will do well under a second Donald Trump presidency.
Sigel specifically said Monday that "if Bitcoin reached a modest 2% weight in global central bank reserves, our model projects a price of around $3 million per Bitcoin." He also said VanEck's long-term model assumes BTC could become "a reserve asset by 2050."
"This is a very bullish setup for bitcoin into the election. We saw the exact same pattern in 2020 where bitcoin lagged with low volatility and then once a winner was announced, we had a high vol rally as new buyers come into this market," says @matthew_sigel of @vaneck_us. pic.twitter.com/EcIzPAGAq0
— Squawk Box (@SquawkCNBC) October 28, 2024
However, some crypto users believe that the bullish statements about BTC "can lead to temporary rallies" and there should be a "a material break above $73k" to conclude that the coin's current uptrend isn't just "a classic bull trap."
Despite some questions on whether BTC's uptick will last long this time, others are still optimistic that it could just be the beginning of a new bull run.
$BTC Pulls Crypto Comrades Up
As has often been the case whenever BTC prices climb, other cryptocurrencies on the top ranks have also been affected positively by Bitcoin's Monday rally.
Ethereum (ETH) is up by 5.0% in the last 24 hours, while BNB increased 3.3%. Solana (SOL), which has recently been gaining ground over its other "altcoin" peers, climbed by 3.4%.
The biggest gainer in the Top 10 of CoinGecko's largest crypto tokens by market cap was Dogecoin (DOGE), whose 15% surge in the last day may have also been driven by Elon Musk's promises that his Department of Government Efficiency (D.O.G.E) under a Trump government will save "at least" $2 trillion from the U.S. budget.
