The price of Bitcoin surged to $73,000, pushing the global cryptocurrency market capitalization to $2.45 trillion, and the majority of cryptocurrencies are trading in the green over the last day.
This takes place as Bitcoin BTC 1.76%, on October 29, the leading digital asset, Bitcoin, reached $73,000. Since bulls reached the all-time high in March 2024, this is the highest level for Bitcoin.
According to data from crypto.news, the price of bitcoin increased by 5.7% in a single day, reaching highs of $73,001 on major exchanges. This indicated that bulls once more reached the psychological $73,000 threshold. According to cryptocurrency analysts, bulls may not be finished yet, even though Bitcoin is currently trading just below $72,930.
Matthew Sigel, head of digital assets at VanEck, stated in an interview with CNBC on October 28 that the current market, which includes the vote on November 5, presents a very bullish setup for Bitcoin.
Peter Brandt, a seasoned trader, added to the optimistic forecast, predicting that Bitcoin will reach $94k.
Because likely profits will draw bids, some analysts predict that a breakout above the ATH will invite a breather. The more optimistic view, on the other hand, holds that the market will continue to rise in the upcoming months.
The majority of altcoins have increased in value due to this sentiment. Ethereum 2.39% Ethereum eth
Solana is above $607, Ethereum is above $2,650, and BNB is -0.73%. Sol Solana -1.79% Sol Solana $181. Sui 8.57%
Sui is up 24% to $2.03, and Popcat is leading the surge in meme coins. Popcat -3.13%.
Some industries, though, have surpassed the others and may do so in the future.
Crypto analyst Miles Deutscher claims that the best-performing industry is memes, which have increased by +219% so far this year. However, the Bitcoin ecosystem, real-world assets, artificial intelligence, and decentralized physical infrastructure network have also outperformed the rest of the market.
AI and BRC-20 tokens are up 217% so far this year, according to the analyst, while RWA (+134%) and DePIN (+73%) have peaked during the 2024 bull cycle.
However, not every sector has seen growth this year. Despite recent gains in coins in the social finance, zero-knowledge, and metaverse sectors, SocialFi is down 57%, ZK is down 36%, and the metaverse is down 30%, making it one of the worst-performing sectors. This group also includes layer-2 and governance tokens, which have YTD returns of -16% and -25%, respectively.
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