Mostcryptocurrenciesaretradinginthegreeninthepast24hours,asBitcoinpriceroseto$73,000topushtheglobalcryptomarketcapto$2.45trillion.
ThishappensasBitcoin(BTC),theflagshipdigitalasset,topped$73,000onOct.29.ThisisthehighestlevelforBTCsincebullshittheall-timehighinMarch2024.
Percrypto.newsdata,BTCpricerosetohighsof$73,001acrossmajorexchanges,witha5.7%surgein24hours.Thismeantbullstouchedthepsychological$73,000markagain.WhileBitcointradesjustbelow$72,930atthetimeofwriting,cryptoanalystssuggestbullsmaynotbedoneyet.
InanOct.28interviewwithCNBC,VanEckheadofdigitalassetsMatthewSigelsaidthecurrentmarket,includingtheNov.5vote,offersaverybullishsetupforBitcoin.
VeterantraderPeterBrandtalsoaddedtothebullishprojection,suggestingBTCisheadedto$94k.
BITCOIN$BTC
Therearenumerouswaystodeterminetargets.Onevariableiswhethersemi-logorlinearscaleisused
Targetof94,000ismeasuredmoveoftriangleprojectedfrombreakoutlevelonsemi-log
⬇️🧵1/3pic.twitter.com/VI0n7OAvia—PeterBrandt(@PeterLBrandt)October29,2024
SomeanalystsexpectabreakoutpasttheATHwillinviteabreatheraslikelyprofitsattractbids.However,themorebullishperspectiveisthatthemarketissettocontinuehigherincomingmonths.
Thissentimenthashelpedpushmostaltcoinshigher.Ethereum(ETH)isabove$2,650,BNB(BNB)above$607andSolana(SOL)$181.Sui(SUI)isup24%to$2.03,whilememecoinshavealsopumped,ledbyPopcat(POPCAT).
However,therearesectorsthathaveoutpacedtherestandcouldcontinuetodominate.
AccordingtocryptoanalystMilesDeutscher,memeswith+219%year-to-datearethetopperformingsector.However,alsooutpacingtherestofthemarkethavebeenartificialintelligence,real-worldassets,Bitcoinecosystemanddecentralizedphysicalinfrastructurenetwork.
Pertheanalyst,AItokensareup217%YTDasareBRC-20tokens,whileRWA(+134%)andDePIN(+73%)havetoppedamidthe2024bullcycle.
Butnotallsectorsareenjoyinganuptickyear-to-date.Whilecoinsinsocialfinance,zero-knowledgeandmetaversehavenudgedhigherinrecentweeks,SocialFiisdown57%,ZK-36%andmetaverse-30%torankamongworstperformingsectors.Governancetokensandlayer-2tokensarealsointhiscategory,with-25%and-16%YTDreturnsrespectively.
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