Bitcoin surged past $63,000 on Tuesday for the first time in over two weeks, driven by market developments and increased speculation surrounding US presidential candidate Donald Trump’s potential return to the White House. Trump, who has championed cryptocurrency, saw his chances of winning the upcoming election increase following an assassination attempt.
Trump was shot in the ear during a rally in Pennsylvania on Saturday. His campaign reported he is recovering well. Some investors believe the attack has bolstered his chances of reclaiming the presidency, leading to increased trades betting on his victory this week.
“Bitcoin’s price surged past $63,000, driven by recent market developments. The total crypto market cap reclaimed $2.4 trillion as altcoins followed BTC’s upward trend. BTC rebounded from a three-month low of under $54,000 at the start of July, closing the business week at around $58,000,” said Avinash Shekhar, co-founder and CEO of Pi42.
Shekhar added that the failed assassination attempt on pro-crypto US Presidential candidate Donald Trump possibly influenced the weekend’s further gains.
“BTC’s market cap now exceeds $1.240 trillion, with a dominance of over 51%. Ethereum led altcoin gains, rising 5% to $3,365, followed by Binance Coin, Solana, and Chainlink. The total crypto market cap has increased by $200 billion in the past four days,” Shekhar said.
On Monday, the major cryptocurrency rose 8.6% to $62,508, touching a two-week high of $62,698 earlier in the session, taking its year-to-date gains to 47 per cent.
According to CoinSwitch Markets Desk, “BTC’s bounceback post Trump’s assassination attempt continues as BTC posted a third straight green candle with little resistance to offer till 70k USD. However, we might see some profit booking at 65k USD given it is an important liquidity zone for the world’s largest crypto.”
The biggest top mover in the last 24 hours in the top 100 remained memcoins, as PEPE (+26%), FLOKI (+24%), WIF(+24%) and BRETT(+20%) outperformed all other categories of coins which confirms the market sentiment that crypto community still finds value in the meme culture more than anything else and the current cycle might be far from over. However, memecoins also tend to drop much sharper than other coins and hence are extremely risky to invest or trade, said CoinSwitch Markets Desk.
“In another bullish development, ETH ETF issuers were reportedly told by the SEC that the ETFs can start trading as early as next Tuesday. ETH(+4%) for the same reason, outperformed BTC(-3.5%) in the last 24 hrs. ETH spot ETFs are expected to see an inflow of more than 5 billion dollars to upwards of 20 billion dollars in the first 6 months,” CoinSwitch Markets Desk stated.
