Bitcoin soared past the $71,000 mark during early Asian trading hours on Tuesday, marking a 5% increase within 24 hours and breaking through the critical $70,000 resistance level. This rally was driven by an impressive $48 billion in trading volume, nearly double the previous day’s figures. The surge comes just a week before the U.S. elections, a timing that many traders see as a bullish signal for the crypto market, regardless of the outcome.
Altcoins mirrored Bitcoin's upward momentum, with prominent tokens recording significant gains. Dogecoin (DOGE) jumped 15% amid continued support for Trump, while Shiba Inu (SHIB) rose by 8%. Ethereum (ETH) climbed 5%, and Cardano (ADA), Solana (SOL), and Binance Coin (BNB) each gained over 3%.
The market’s strong performance reflects trader optimism, with many speculating that Bitcoin could reach new highs whether the election win goes to Trump or Democratic candidate Kamala Harris. Trump’s pro-Bitcoin stance has fueled enthusiasm within the industry, while Harris’s commitment to regulatory oversight appeals to a different market segment. Despite various macroeconomic factors at play, the prevailing sentiment suggests Bitcoin’s rise could continue, independent of the election results.
