Bitcoin (BTC) blasted above $71,000 following attempts to end the stagnation witnessed in the past two quarters. The bullish steam spreads beyond BTC with an imminent altcoins bull run.
With BTC closer to matching its all-time high (ATH) of $73,737, the bullish momentum spreads to spark price increases in altcoins.
Analysts indicate the Bitcoin surge ahead of the November 5 presidential elections prompts the bullish outlook for SOL and SUI to lead other altcoins. A leading figure in the crypto space, Raoul Pal, issued optimistic views on the Solana price movement prior to the US markets opening.
Bitcoin Closer to Peak Price
Following Pal’s insights, BTC staged a 6% spike, setting the day’s peak at $73,562.33, coinciding with the 2.2% intraday gain of the global crypto market cap to $2.53 trillion, per CoinGecko data. The Bitcoin surge possibly lifted the memecoins pair of Shiba Inu (SHIB) and Dogecoin (DOGE) to rise by 10% as BTC was closer to the peak. Notably, the closer the BTC was to the target peak, the more it progressively turned the motivational factor for the altcoin rally. As such, Pal indicates that such could propel SOL to a breakout above $185 to signal a major rally starting. Nonetheless, the analyst urges caution owing to the heavy costs incurred in previous failed attempts.
The Solana has portrayed an upward trajectory in the past week that replicated today to set the day’s peak at $182.98. The Tuesday, October 29 rally affirms the stronger leap in SOL manifested in the 16.7% run-up in the past 14 days, CoinGecko data shows.
With the US elections approaching in early November, the BTC crossed the $72,500 level to deliver a psychological influence, allowing many altcoins to post significant gains. SOL shared in such gains despite the price being 31% below the ATH of $259.96 attained nearly 3 years ago in 2021. Still, the fifth largest crypto by market value saw daily trading volume spike 13.80% to $5.040 billion. Such signaled a rise in market activity for the SOL that has, in the past 1 year, surged 446.9%.
Is BTC Raising Opportunities for Altcoins
With Bitcoin sustaining momentum, the crypto market feels warmer to convince analysts that bulls will steer the altcoins into a substantial price rise. Notably, total daily volume across the crypto exchanges rose 32.57% to $113.59 billion as the BTC surpassed $72,000 per CoinMarketCap data.
The increase enabled many altcoins to overcome the bloodbath instead of achieving significant gains. Crypto analyst Kyledoops indicated that strong demand witnessed in the exchange-traded funds (ETFs) channel, Q4 optimism, and upcoming US elections fueled BTC prices past the $71,500 resistance level. Achieving even higher consolidation levels is in favor of altcoins.
Crypto Columbus illustrates that the rise of cryptocurrency is imminent, given the sustained dominance of stablecoins. Higher capital allocated to stablecoins suggests that investors have a low-risk appetite. However, the stablecoins-total market cap ratio is a crucial detail to observe. A key development emerges as BTC breaks its trend line coincidentally while Tether’s market dominance declines. A decline in USDT prompts analysts to expect success in crypto prices in the latest attempt.
Analyst Moustache is optimistic that investors who realize the BTC surge is a game of patience will leap substantial rewards in the future. In his commentary, he reveals a sharing chart since BTC bottomed in 2022 to show the progress that mirrors previous cycles. As such, the next best phase is starting.
Crypto analyst Michael Poppe demonstrates that the ETHBTC pair is at the low extreme. As the BTC rallies, ETH is lagging, translating to new lows in the pairing.
Poppe observes that while ETH has shown potential upward movement, it realized 0.035 BTC. It declined during the unemployment data release last week. The analyst considers such a critical spell since it is the floor point. Consequently, further interest rates will have ETH lead other altcoins to rise.
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