The bitcoin price is rising – overnight it briefly broke through USD 69,500. In turn, ether is at the level of USD 2,700 and it seems that the “alt season” has begun. It is possible, however, that this is all about something else – increases that estimate the results of the US elections.
Bitcoin price is rising
Yes, the bitcoin price is positively surprising again – it is above USD 69,000, and overnight it even exceeded USD 69,500. Currently, 1 BTC costs just over USD 69,000, which is a 1.3% increase since yesterday and 7.7% over 7 days.
However, the hero of yesterday afternoon and night was ether. The Ethereum network cryptocurrency cost a maximum of USD 2,769, currently it is worth USD 2,734. This is 3.3% more than yesterday and 8% more on a weekly basis.
Has ether just started the altcoin season and will now drag the “altcoin” market with it? It’s too soon to answer this question unequivocally, but many things are starting to point to this – first of all, we have the 4th quarter of the year in which the halving took place, which is usually the period of a bull rally.
The mood is already clearly good – the Bitcoin Fear and Greed Index is 72, which means greed.
Election rally?
It cannot be ruled out that not only the usual rally in the last quarter lies ahead of us, but also something more: the market may be starting to price in the importance of Donald Trump’s victory in the presidential election. Yes, he hasn’t won the election yet, but there are many indications that he will defeat Kamala Harris. This is indicated by bets on the Polymarket platform, but also by polls – in key states the Republican may gain a sufficient advantage to become US president for the second time. The Democrat’s situation was not improved by the natural disaster in Florida – Hurricane Milton deprived many people of their belongings. Residents of this key swing state can blame the federal authorities for insufficient aid (and it will always be insufficient in such cases). The latter is represented in practice today by Kamala Harris.
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