As speculation surrounding potential outcomes from next week’s U.S. election intensifies, Bitcoin surged past $71,000, hitting a new all-time high and igniting double-digit gains across altcoins like DOGE, ENA, POPCAT, and BSV.

Bitcoin Surges Amid Election Speculation

On Oct. 29, Bitcoin, the leading cryptocurrency, surged past $70,000 for the first time since June, breathing new life into a market that has 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.

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 at the time of writing.

Election Speculation and Market Reactions

The recent price rally coincides with increasing odds for Republican presidential nominee Donald Trump in the prediction market, 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 endorsement of crypto.

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 $3.5 billion this month.

Technical Indicators Show Bullish Signs

Market observers have spotlighted bullish signals emerging in Bitcoin’s technical setup. Notably, a ‘golden cross’—Bitcoin’s 50-day moving average crossing above the 200-day moving average—has been highlighted as a setup that previously led to a doubling in Bitcoin’s price within five months.

Additionally, the bellwether has broken out of a bull flag pattern, another major bullish indicator in technical analysis.

The #Bitcoin bull flag is breaking out so hard!🚀

Altcoins Experience Double-Digit Gains

The momentum fueling Bitcoin’s rally also extended to the broader altcoin market, with many tokens posting double-digit gains.

In the past 24 hours, Dogecoin, 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 gained 13.7%, while Popcat reached a new all-time high of $1.69, pushing its market valuation past $1.66 billion. Bitcoin SV, 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, was also up 4.4%, exchanging hands at $2,618. Other major cryptocurrencies such as BNB, Solana, and XRP saw gains of 1-3%. This contributed to a 2.2% increase in the global market cap, now at $2.51 trillion.

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