Bitcoin price all time high, Ethereum and Dogecoin Soar

Bitcoin price has reached a new all-time high, fueling excitement across the cryptocurrency market. As Bitcoin leads the charge, both Ethereum and Dogecoin are experiencing significant gains, attracting attention from investors and enthusiasts alike. This surge reflects growing confidence in the crypto space, with many eager to see how high these digital assets can climb.

Key points:

1. The global cryptocurrency market capitalization has risen 5.3% to $2.45 trillion as Bitcoin surpasses $73,000.
2. One trader observes that there’s only one untagged high remaining for peak levels, while another points out that the BTC chart shows no indications of a bearish trend.

Data shows surge in Bitcoin activity

Data from IntoTheBlock indicates that large transaction volumes have surged by 112.3%, while daily active addresses increased by 18.2%. The number of transactions over $100,000 rose dramatically from 5,505 to 9,521 in just one day. Meanwhile, netflows to exchanges have dropped significantly, down by 1,448.6%.

Coinglass reports that 61,293 traders were liquidated in the last 24 hours, resulting in a total loss of $263.54 million. Crypto analyst Miles Deutscher highlighted that Bitcoin exchange reserves have hit all-time lows, suggesting a potential supply squeeze on the horizon. Additionally, industry expert Benjamin Cowen noted that Bitcoin's dominance has reached 60% for the first time in over three years.

Bullish Outlook for Bitcoin

Echoing a similar sentiment, IncomeSharks noted that on this bullish day, there are no indicators on the BTC chart to suggest a bearish outlook. CryptoCon added that the "Halving Cycles Theory" has been forecasting November 28 as the start of the "true bull market" year since early 2023. With Bitcoin’s price approaching all-time highs and just a month remaining, the theory seems to be gaining traction.

Bloomberg Senior ETF Analyst Eric Balchunas stated that U.S. spot Bitcoin ETFs are on track to accumulate 1 million BTC by next Wednesday, potentially surpassing Satoshi's holdings of 1.1 million BTC by mid-December. He suggested that a Donald Trump victory, combined with rising prices, could amplify FOMO-driven inflows and accelerate these milestones.

While the ETFs are adding approximately 17,000 BTC weekly, Balchunas cautioned that market conditions such as selloffs or price increases could influence this timeline.

Bitcoin Poised for New All-Time High

Bitcoin has recently broken through its seven-month resistance level of $73,700, pushing its market capitalization past $1.45 trillion on Tuesday, driven by increased buying pressure from investors across exchanges.

Data from CryptoQuant shows that BTC exchange reserves have dropped to all-time lows relative to current supply, highlighting a surge in buying activity among investors. This trend suggests that Bitcoin could be on the verge of reaching new all-time highs in the near future.

If Bitcoin reaches a new all-time high in the coming days, it would further reinforce the belief that October is Bitcoin's strongest month in recent years. According to Coinglass data, October has been the only month with consistently positive returns for Bitcoin since 2019.

Interestingly, Bitcoin's ascent towards a new high parallels the Polymarket odds for Republican presidential candidate Donald Trump against Kamala Harris, currently standing at 66.9% to 33.1%. With Trump positioning himself as a pro-crypto candidate, many investors are speculating that a potential victory in the November 5 U.S. presidential election could trigger a significant surge in Bitcoin's price and the broader crypto market.

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