Most cryptocurrencies are trading in the green over the past 24 hours, with Bitcoin’s price rising to $73,000, pushing the global crypto market cap to $2.45 trillion.

Bitcoin Hits New Highs

Bitcoin (BTC), the flagship digital asset, topped $73,000 on October 29. This marks the highest level for BTC since bulls reached the all-time high in March 2024. According to recent data, BTC price surged to highs of $73,001 across major exchanges, reflecting a 5.7% increase in 24 hours. This surge brought Bitcoin to the psychological $73,000 mark once again. While Bitcoin currently trades just below $72,930, crypto analysts suggest that bulls may not be done yet.

Market Analysis and Predictions

In an October 28 interview, VanEck head of digital assets Matthew Sigel described the current market, including the upcoming November 5 vote, as offering a very bullish setup for Bitcoin. Veteran trader Peter Brandt added to this bullish sentiment, suggesting that BTC could be headed to $94,000. Brandt noted, “There are numerous ways to determine targets. One variable is whether semi-log or linear scale is used. A target of $94,000 is a measured move of a triangle projected from the breakout level on semi-log scale.”

Some analysts expect that a breakout past the all-time high will invite a breather, as likely profits attract bids. However, the more bullish perspective is that the market is set to continue higher in the coming months.

Altcoins on the Rise

This positive sentiment has also helped push most altcoins higher. Ethereum (ETH) is above $2,650, Binance Coin (BNB) is above $607, and Solana (SOL) is trading at $181. Sui (SUI) is up 24% to $2.03, while meme coins have also surged, led by Popcat (POPCAT).

Sector Performance

According to crypto analyst Miles Deutscher, certain sectors have outpaced the rest and could continue to dominate. Memes, with a +219% year-to-date performance, are the top-performing sector. Artificial intelligence, real-world assets, the Bitcoin ecosystem, and decentralized physical infrastructure networks have also shown strong performance. AI tokens are up 217% YTD, as are BRC-20 tokens, while real-world assets (RWA) have increased by 134%, and decentralized physical infrastructure networks (DePIN) have risen by 73% amid the 2024 bull cycle.

However, not all sectors are enjoying an uptick year-to-date. Social finance, zero-knowledge, and metaverse coins have nudged higher in recent weeks, but SocialFi is down 57%, ZK is down 36%, and the metaverse sector is down 30%, ranking among the worst-performing sectors. Governance tokens and layer-2 tokens are also in this category, with -25% and -16% YTD returns, respectively.

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