In a remarkable turn of events, the total cryptocurrency market capitalization surged by over 5% within the past 24 hours, prominently driven by Bitcoin (BTC). This upward momentum brought the market cap to approximately $2.51 trillion as of Wednesday, November 6, during the early Asian trading session.
Bitcoin’s All-Time High and Altcoin Rally
The leading cryptocurrency, Bitcoin, experienced a significant boost of over 6.9% in the last 24 hours, setting a new all-time high (ATH) at over $74.5k. This impressive performance highlights Bitcoin’s continued strength and dominance in the crypto market.
In parallel, Dogecoin (DOGE), a popular meme coin often promoted by tech mogul Elon Musk, led the pack among the top-tier altcoins. Recent market data indicates that Dogecoin’s price surged by over 16% in a single day, reaching 19 cents during the early Asian session.
The heightened volatility across the cryptocurrency market also resulted in substantial liquidations, with more than $258 million being wiped out from the leveraged market, predominantly affecting short traders.
Peter Schiff Cautions Crypto Traders of Potential Retrace Ahead
The cryptocurrency market’s movements appear to be linked to the preliminary results of the 2024 United States elections. Early indications suggest that Republican candidate Donald Trump is leading, even in crucial swing states, which has influenced market sentiment. According to Polymarlet, a prediction platform, Trump’s odds of winning have soared to nearly 80%.
Despite this optimism, well-known crypto critic Peter Schiff has issued a warning to traders about a possible market correction. Schiff pointed out, “The dollar is rising, while bonds and gold are selling off. Of the three, only bond traders have it right, but for the wrong reason. Harris would’ve been worse than Trump, but the real crash hasn’t been averted.”
Market Picture
As Bitcoin’s price climbed above $73k in recent months, the broader altcoin market, particularly those centered around dog-themed meme coins, has gathered considerable bullish momentum. According to Ali Martinez, a prominent crypto analyst, the much-anticipated altseason could commence in the coming eight weeks as Bitcoin’s dominance faces an inevitable reversal.
At the same time, institutional investors appear to be taking a cautious approach, as evidenced by a third consecutive day of cash outflows from U.S. spot BTC Exchange-Traded Funds (ETFs). This trend indicates a wait-and-see approach from larger investors, potentially affecting the market’s future direction.
Overall, the cryptocurrency market is experiencing a vibrant period, marked by Bitcoin’s impressive performance and the resurgence of altcoins. However, traders should remain vigilant, as market dynamics can shift rapidly in response to both market sentiment and geopolitical events.
