Bitcoin price rises over 5 percent, exceeding USD73K
Date
10/30/2024 8:41:21 AM
(MENAFN) On Tuesday, the price of Bitcoin surged by more than 5 percent, exceeding USD73,000 and marking its highest level in nearly eight months, edging closer to its all-time high. The cryptocurrency reached a peak of USD73,567, reflecting a daily increase of over 5.3 percent. This marks a significant rebound for Bitcoin, as it was last trading above the USD73,000 mark in mid-March when it achieved a record price of USD73,750.
In addition to Bitcoin's impressive performance, Ethereum, the leading altcoin, also saw substantial gains, reaching a peak of USD2,679 with a daily increase of over 6.2 percent. The altcoin market experienced a broader rally, with some altcoin prices rising by more than 20 percent. This uptrend is indicative of a growing investor confidence in the cryptocurrency sector.
The overall value of the cryptocurrency market rose to USD2.45 trillion, up 7.16 percent from the previous session. Bitcoin's market dominance remains significant at 58.8 percent, while Ethereum holds a 13 percent share of the market, according to data from CoinMarketCap. These metrics highlight Bitcoin's leading position in the market, while Ethereum continues to maintain a robust presence.
The recent rally in cryptocurrency prices coincides with the upcoming US presidential election, creating an environment of heightened optimism among investors. There is growing hope for regulatory easing concerning cryptocurrencies, which is contributing to the bullish sentiment in the market, regardless of the election outcomes. This speculative enthusiasm has been a key driver of the recent price increases in the crypto space.
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