Bitcoin Price Explodes, Almost Hits New ATH as Election Week Closes In: Your Weekly Crypto Recap

What a week has it been for the cryptocurrency market! The volatility went rampant, and Bitcoin almost charted a new all-time high. In fact, it came $150 away from doing so, but the sellers stepped in and pushed the price back. Ultimately, the total market capitalization managed to add some $50 billion as we are headed into the week of the US Presidential Elections. 

To start with Bitcoin, its price was trading at around $68,000 during this time last week, and it almost charted a brand new all-time high, coming $150 away from it on Tuesday. The bulls didn’t have it in them, though, and the sellers intervened, pushing the cryptocurrency lower. It took them a few days, but BTC is currently trading at around $70,000. It’s interesting to see whether or not this level will hold, as it might be pivotal for its next short-term move. 

That said, Bitcoin’s dominance – the metric which tracks its share relative to that of the rest of the market – has also been on the rise. This is particularly indicative of the current dynamics. Altcoins are struggling to keep up as BTC accounts for close to 60% of the total market – a high that we hadn’t seen in three years and a half. 

Stepping away from price action, it’s worth noting that yesterday, October 31st, marked the 16th birthday of Bitcoin’s whitepaper – a date celebrated across the entire industry and, as it turns out, beyond it. 

In a surprising tweet, Donald Trump congratulated the community: 

“I would like to wish our great Bitcoiners a Happy 16th Anniversary of Satoshi’s White Paper […]”

Elsewhere, MicroStrategy announced that it plans to raise a whopping $42 billion over the next three years in its Q3 earnings release. And in case there has been any doubt – yes, they will be using the funds to buy more Bitcoin and improve its “BTC yield” for its shareholders. 

All in all, the week was quite exciting but it’s likely that the upcoming one will bring even more volatility. After all, the entire world is anticipating the result of the US Presidential election on November 5th. Whatever the outcome, chances are that it will have an impact on the crypto market as well. 

Market Data

Market Cap: $2.46T | 24H Vol: $125B | BTC Dominance: 56.4%

BTC: $70,205 (+3.3%) | ETH: $2,536 ( 0% ) | BNB: $578 (-2.3%)

This Week’s Crypto Headlines You Can’t-Miss

MicroStrategy Announces $42 Billion Capital Plan To Buy More Bitcoin. Although it already is the biggest corporate holder of Bitcoin, the Michael Saylor-founded company MicroStrategy now has plans to raise over $40 billion to continue its massive BTC accumulation spree.

Bitcoin’s Path to $200,000 Doesn’t Depend on Dollar’s Demise, Claims Bitwise CIO. Many BTC critics believe the asset’s path to a six-figure price tag involves the collapse of certain fiat currencies, such as the greenback. However, Bitwise’s CIO asserted that Bitcoin only needs to take a portion of gold’s market share to reach $200,000.

CZ on Whether He Will Resume Binance CEO Role After Prison Release. Former Binance CEO made his first public appearance after being released from prison during this week’s company event in Dubai, where he said he has no plans to resume his former role at the exchange he founded over seven years ago. Instead, he will now focus on mass education.

BlackRock’s IBIT Bitcoin ETF Sees Historic $872M Inflows, Surpassing Previous Highs. It was another big week for the US-based Bitcoin ETFs, and especially BlackRock’s IBIT. The fund broke its own daily record in terms of net inflows on October 30, with $872 million being poured in.

IMX Dumps by Double Digits as SEC Sends Wells Notice to Immutable. Despite the few failures in recent months, the US Securities and Exchange Commission continues its crusade against the crypto industry by sending a ‘Wells Notice’ to the blockchain gaming platform Immutable. Naturally, the protocol’s native token plummeted in response.

Bitcoin Price Reclaims $70K Despite Weaker-Than-Expected US Jobs Data. In the latest jobs report before the 2024 presidential elections, the US announced adding only 12,000 jobs for the previous month – October. This was only 10% of the expected number of 120,000, which was blamed on the two hurricanes that hit the country and the ongoing strike at Boeing.

Charts

This week, we have a chart analysis of Ripple, Binance Coin, Solana, Dogecoin and Maker – click here for the complete price analysis.