By Michael Scott
Bitcoin briefly surpassed $71,500, barely 2,000 below matching all-time high as Dogecoin lead meme coins rebound.
Leading crypto by market value stages a solid rally to climb above $71,000 in a spirited attempt to test the ATH level of $73,737 realized on Mar 14. The bullish momentum is yet to cool off, with Bitcoin up 4.1% to change hands at $71,533.72 per CoinGecko data.
Bitcoin jump coincides with the memecoins printing the largest intra-day gains. DOGE leads the charge with 15% intraday gains to trade at $0.1648. While the rally has dipped slightly, DOGE is up 13.9%, trading at $0.1685, translating to a $24,685 billion market value for the ninth-largest crypto asset.
The strong rally in DOGE’s price manifests itself in its trading volume, which rose 114% to $4.453 billion in the past 24 hours. The sharp increase signals a rise in market activity with fellow memecoins, including FLOKI, SHIB, BRETT, and SPX, staging a 10% leap in the past day. Shina Inu (SHIB) attained an 8% gain to catapult its market value to $10.991 billion per CoinGecko data.
The marketwide surge reflects the 2.7% change in the global crypto market to $2.53 trillion, while the trading volume hit $134 billion in the past 24 hours. The solid Bitcoin run-up yields 56.2% dominance, while Ethereum is docked at 12.5% despite the 4% rise to $$2,633.24 within this period.
The sudden jump from the weekend red zone could constitute a reflection of multiple events to come this week. A key event ahead is the US presidential election on Nov 5, with pundits calling for Trump to win. Such an outcome is a crucial catalyst given the pro-crypto stance of the GOP candidate.
The upward trajectory witnessed in digital assets emerges as Americans await the release of the Gross Domestic Product (GDP) report on Wednesday and jobs data on Friday. Besides the economic data, the Federal Open Market Committee (FOMC) is set to meet two days following the Nov 5 election. Consequently, the Bitcoin rally could soon spread to other altcoins, similar to the bullish steam that memecoin picked fast in today’s upward momentum.
Crypto analysts consider the $70K mark to have psychological weight. With Bitcoin crossing this level, the fear of missing out could propel the price further. In context, Bitcoin is just 2.56% away from attaining the ATH of $73.7K. BTC could print a higher target as crypto enthusiasts anticipate further catalysts from economic and political factors.
Altcoins 100X Rally Imminent by Q1 2025
Besides the Bitcoin rally, the altcoin market capitalization is closer to a crucial technical event identified as the Golden Cross. According to crypto analyst Ash Crypto, its achievement could ignite a significant bull run for the altcoins.
A recent update on X by Ash Crypto spotlights the golden cross pattern on the monthly time frame for altcoins. The analyst predicts the latest development could deliver 100X altseason by Q1 next year.
The Monday Oct 28 by Ash Crypto reveals the development led to a 433% rise in the four-months window when the event occurred. Now that Bitcoin is near its peak price, the analyst is optimistic that history could repeat in a 100X altseason.
Golden Cross Concept in Altseason Explained
The golden cross involves a bullish technical pattern witnessed when the short-term moving average (SMA) exceeds the long-term moving average. In context, Ash Crypto indicates that the 20-day SMA triumphs over the 40-day SMA on the altcoin market value in the monthly chart. The development signals a solid upward trajectory that harbors the potential for a price increase.
Ash Crypto’s bullish outlook is informed by historical developments where past golden cross occurrences resulted in a multi-month surge in the altcoin valuations. A similar breakout could emerge by Q1 next year.
Technical analyst Moustache draws parallels to the 2016 and 2020, with each resulting in significant bull runs. The analyst considers such as occurring every four years, thus cyclical in nature, to suggest altcoins are closer to a massive rally in 2024-2025.
The bull run could emerge as whales convert their holdings into altcoins, thus providing the necessary momentum to fuel the altseason rally further.