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As speculation surrounding potential outcomes from next week’s U.S. election intensifies, Bitcoin surged past $71,000 nearing a new all-time-high, igniting double-digit gains across altcoins like DOGE, ENA, POPCAT, and BSV. 
On Oct. 29, Bitcoin (<a href="https://crypto.news/price/bitcoin/" target="_blank">BTC</a>), the leading cryptocurrency, surged past $70,000 for the first time since June, breathing new life into a market that’s been mostly stagnant for seven months. This rally was fueled by speculation around possible impacts from next week’s U.S. election and strong inflows into crypto-focused exchange-traded funds. 
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 BTC 24-hour price chart — Oct. 29 | Source: <a href="https://crypto.news/price/bitcoin/" target="_blank">crypto.news</a>
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With a 5% gain on the day, Bitcoin reached an intraday high of $71,540, sparking hopes it may approach its March record high of $73,737. Its market cap stood at $1.4 trillion when writing. 
The recent price rally coincides with <a href="https://crypto.news/presidential-election-bets-surpass-2b-on-polymarket-trump-leading-with-600m/" target="_blank">increasing odds </a>for Republican presidential nominee Donald Trump in the prediction market <a href="https://polymarket.com/event/presidential-election-winner-2024?tid=1730180136968" target="_blank" rel="nofollow">Polymarket</a>, with users betting on a 65.8% chance of his victory over Democratic candidate Vice President Kamala Harris. A trump victory is generally considered bullish for the sector given the former president’s <a href="https://crypto.news/is-trump-just-using-crypto-voters/" target="_blank">endorsement of crypto</a>. 
Renewed inflows into U.S.-based spot Bitcoin ETFs have also contributed to the positive momentum in BTC price, with $920 million pouring into Bitcoin funds last week alone and net inflows surpassing<a href="https://crypto.news/bitcoin-etfs-log-4-day-inflow-streak-with-479m-ether-etfs-face-outflows/" target="_blank"> $3.5 billion</a> this month.&nbsp; 
 You might also like: <a rel="" href="https://crypto.news/cryptoquant-bitcoins-institutional-demand-sky-explodes-in-2024/"> CryptoQuant: Bitcoin’s institutional demand sky explodes in 2024 </a> 
Market observers have also spotlighted bullish signals emerging in Bitcoin’s technical setup. Notably, Crypto Rover <a href="https://x.com/rovercrc/status/1850835397821251791" target="_blank" rel="nofollow">pointed </a>to a ‘<a href="https://crypto.news/bitcoin-forms-a-golden-cross-analysts-predict-parabolic-moves-ahead/" target="_blank">golden cross</a>’—Bitcoin’s 50-day moving average crossing above the 200-day moving average, a setup that previously led to a doubling in Bitcoin’s price within five months. 
In a separate post, Rover noted that the bellwether has broken out of a bull flag pattern, another major bullish indicator in technical analysis. 
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 The <a href="https://twitter.com/hashtag/Bitcoin?src=hash&amp;ref_src=twsrc%5Etfw" target="_blank" rel="nofollow">#Bitcoin</a> bull flag is breaking out so hard!🚀 <a rel="nofollow" href="https://t.co/1l6ZN5AAqW" target="_blank">pic.twitter.com/1l6ZN5AAqW</a>— Crypto Rover (@rovercrc) <a href="https://twitter.com/rovercrc/status/1851142421205434418?ref_src=twsrc%5Etfw" target="_blank" rel="nofollow">October 29, 2024</a>
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The momentum fuelling Bitcoin’s rally also extended to the broader altcoin market, with many tokens posting double-digit gains. 
In the past 24 hours, Dogecoin (<a href="https://crypto.news/price/dogecoin/" target="_blank">DOGE</a>), the first meme coin, rose 15.1%, trading at $0.1653—its highest point in the last five months—with a market cap of $24.2 billion. Ethena (<a href="https://crypto.news/price/ethena/" target="_blank">ENA</a>) gained 13.7%, while Popcat (<a href="https://crypto.news/price/popcat/" target="_blank">POPCAT</a>) reached a new all-time high of $1.69, pushing its market valuation past $1.66 billion. Bitcoin SV (<a href="https://crypto.news/price/bitcoin-sv/" target="_blank">BSV</a>), a crypto asset that historically mirrors Bitcoin’s price movements, also gained 11.9%, ranking among the top gainers of the day. 
The largest altcoin, Ethereum (<a href="https://crypto.news/price/ethereum/" target="_blank">ETH</a>) was also up 4.4%, exchanging hands at $2,618 with other major cryptocurrencies such as BNB (<a href="https://crypto.news/price/BNB/" target="_blank">BNB</a>), Solana (<a href="https://crypto.news/price/solana/" target="_blank">SOL</a>), and XRP (<a href="https://crypto.news/price/xrp/" target="_blank">XRP</a>) seeing gains of 1-3%. This contributed to a 2.2% increase in the global market cap, now at $2.51 trillion. 
 You might also like: <a rel="" href="https://crypto.news/bitcoin-etfs-log-4-day-inflow-streak-with-479m-ether-etfs-face-outflows/"> Bitcoin ETFs log 4-day inflow streak with $479m, Ether ETFs face outflows </a>

DOGE, ENA, POPCAT, BSV surge double-digits as BTC surpasses $71K and nears ATH

crypto.news

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