Bitcoin on the brink of new record, cryptocurrencies are on the rise
Date: 2024-10-30 Author: Gabriel Deangelo Categories: CRYPTO PAYMENTS
Bitcoin, the key digital asset, hit $73,000 on October 29, its highest price since the record set in March 2024. According to crypto.news, the price of BTC on major exchanges rose to $73,001, which was a jump of 5.7% in a day. With bitcoin trading just below $72,930, analysts are confident that the bullish trend has not exhausted itself.
As VanEck head of digital assets Matthew Siegel noted in an interview with CNBC on October 28, the current market situation, including the upcoming vote on November 5, provides an extremely positive backdrop for bitcoin. Experienced trader Peter Brandt also supported the bullish forecast, predicting BTC to rise to $94,000.
Analysts believe that if the all-time high is broken, the market may experience a correction, as many investors will take profits. However, a more optimistic view suggests that the crypto market will continue its upward movement in the coming months.
This sentiment supported the growth of most altcoins. Ethereum rose above $2,650, BNB exceeded $607, and Solana is trading at $181. Sui showed a significant increase of 24% to reach $2.03, and meme coins also advanced, especially Popcat.
The most notable growth since the beginning of the year was demonstrated by meme coins, which gained +219%. In addition, sectors such as artificial intelligence, real assets, the Bitcoin ecosystem, and decentralized physical infrastructure stand out. According to analyst Miles Deutscher, AI-related tokens are up 217% year-to-date, with BRC-20 tokens also showing similar dynamics. Real assets are up 134%, with the decentralized physical infrastructure sector up 73%.
However, not all segments of the market are showing such positive results. Coins in the social finance, zero knowledge, and metaverse sectors have also shown small gains in recent weeks, but they are still in the red year-to-date: social finance is down 57%, zero knowledge is down 36%, and metaverse is down 30%. Governance and second-layer solutions tokens were also among the laggards, with results of -25% and -16%, respectively.
