On Tuesday, the cryptocurrency market experienced a significant rise as Bitcoin price climbed past the critical $72,000 threshold, increasing by 5.23% within the last 24 hours.
As expected, other altcoins mirrored this sudden rise, with tokens such as Dogecoin (DOGE), Sui (SUI), Pepe (PEPE), and Aptos (APT) emerging as the top gainers among the leading coins in the crypto market.
Why is Bitcoin Going Up Today?
Bitcoin prices have consistently shown upward momentum since the historic January 2024 approval of spot Bitcoin ETFs by the U.S. Securities and Exchange Commission (SEC).
Bitcoin has increased more than 110% this year alone. Although the approval of the BTC ETF played a role in this year’s growth, other recent events have also become essential drivers.
Traders are particularly eager for the November 5 election in the United States, which will feature a pro-crypto candidate against one who is less supportive.
Read more: Kamala Harris Crypto Tokens Slip as Polymarket Odds Crash
According to prediction markets, the race between Vice President Kamala Harris and former President Donald Trump has captured the interest of crypto investors, many of whom are leaning toward the crypto-friendly former president.
Data from Polymarket indicates that Trump is 66.7% likely to win, while Harris is 33.4%. This is seen as a positive sign for the crypto market.
Donald Trump vs. Kamala Harris | Polymarket
In addition, recent reports suggest that institutional interest is becoming increasingly robust, with investment flows hitting a record high in October.
CoinShares reported on Monday that crypto investments reached a staggering $3.4 billion in October alone, with digital asset inflows at $901 million last week. This brings the year-to-date total to $27 billion, nearly three times the record set in 2021.
As of this writing, Bitcoin’s trading volume surged by 82.54% to $52.80 billion in the last 24 hours. It managed to break through the critical $70,000 resistance around 01:00 AM UTC, then spiked to $72,778 at the time of reporting.
BTC/USD Trading Chart | TradingView
Meanwhile, Bitcoin’s strong performance boosts the entire digital asset market. While Ethereum’s price increased by 5.55%, BNB rose by 2.17%, and Solana gained 2.34% on the last day. Other leading altcoins also showed double-digit increases during the same period.
Dogecoin Price Gains Over 19%, PEPE Follows Suit.
Dogecoin is among today’s top gainers, having risen by more than 19% over the past 24 hours and now trading at $0.1788 after surpassing the crucial $0.15 resistance level a few hours ago.
The DOGE memecoin has also experienced a significant rise in its trading volume, increasing by over 89% in the last day and reaching $4.03 billion.
While the crypto market is experiencing a bullish trend, the meme coin has shown relatively positive performance in recent years. The supposed “joke” currency is now driving adoption through its increased use cases.
Two years later and the hard work building utility for Dogecoin sees us on the cusp of shifting the narrative from speculative to utilitarian.
— Timothy Stebbing (@tjstebbing) October 29, 2024
Two years ago we had: memes & tipping bots
Today we have: memes, tipping bots, point of sale solutions, online shopping solutions,… https://t.co/XJaU6DzAca
Moreover, the DOGE price is not the only memecoin seeing impressive gains today. Pepe (PEPE) has risen by 13.54% in the last 24 hours and is currently priced at $0.000010. The over four billion-dollar Pepe meme token has seen its trading volume spike to $819.51 million, increasing 40.88% since the past day.
Aptos Price Up After USDT Integration
The price of the APT token has risen to $10.08 after experiencing a 13.56% increase over the last 24 hours. With a market cap of $5.22 billion, the layer-1 POS blockchain token has recorded a 42.50% rise in trading volume, currently at $287.24 million.
Aptos price surge coincided with Tether’s official launch of its USDT stablecoin on the Aptos mainnet.
1/ USDT has officially arrived on Aptos Mainnet.
— Aptos (@Aptos) October 28, 2024
What happens when the world’s most widely-used stablecoin meets the blockchain built for payments?
You get the fastest, most affordable dollar on chain. Period. 👇 pic.twitter.com/c9bxZoZ6aN
As stated in a project release on October 28, this development is expected to improve transaction speed and cost efficiency. As a result, users can now access a quick and affordable dollar on-chain, altering their perception of digital payments.
SUI Prices Jump Amid Notable Events
In the past 24 hours, Sui’s price increased by 26.87%, reaching $1.87, while trading volume rose by 89.78% to $1.29 billion. Despite the Bitcoin factor, a major announcement from the blockchain project might have also prompted this spike in price.
Recently, Major League Soccer (MLS) in the U.S. has formed a strategic partnership with Sweet, a prominent Web3 digital marketing company, to introduce its new NFT collectibles platform, MLS QUEST, on the Sui network.
🚨BREAKING: Thanks to Sui’s new partnership with @Sweet, @MLS is coming to Sui through their new sports memorabilia collection challenge, MLS QUEST!
— Sui (@SuiNetwork) October 28, 2024
⚽Major League Soccer fans will be able to find free “Key Play of the Game Medallions” – tradable digital assets used to level up,… pic.twitter.com/BQLg23LzLj
Read more: Sui Price Prediction: Is This the End of the 370% Rally?
