BSV, SPX, RUNE top gains as BTC rallies ahead of elections

29.10.2024

Bitcoin managed to hit $69,000 on Monday as traders started taking positions ahead of the election week in the United States.

Some of the top altcoins responded in kind, but mostly meme coins and politics-inspired tokens accrued the most gains over the past day.

As for the top 99 altcoins, SPX, BSV and RUNE topped the charts.

The overall cryptocurrency market capitalisation witnessed a slight uptick and stood a little over $2.44 Trillion at press time.

Bitcoin maintained its position as the market’s dominant asset, though its dominance dipped slightly to 55.31%, down from 56.02% the previous day.

BTC retested $69,000 for the second time this month and hit an intraday high of $69,217, before receding towards $68,600 later in the day.

Roughly $16.0 million in short positions were liquidated over the past 24 hours compared to just $3.1 million in long liquidations, confirming that the recent price movement has triggered a short squeeze, which is indicative of strong bullish momentum prevailing in the market.

There was also a surge in Bitcoin’s open interest, which, when alongside the price rally, confirms that traders were betting on Bitcoin’s rally to continue.

Elections remain the key macroeconomic factor buoying market confidence, but the coming week also brings crucial economic updates, including the Q3 GDP report, inflation-related personal consumption data, and the latest jobs report on Friday, all of which could significantly influence market sentiment.

Prominent trader Michaël van de Poppe thinks BTC could soon be retesting its previous all-time high of $73,737 reached in March.

In his latest analysis of the 4-hour BTC/USDT chart, the analyst highlighted key resistance zones around $71,680 and $73,650 which bulls need to break before that happens.

However, he believes this scenario could play out within the next two weeks.

Fellow trader and analyst Rekt Capital shared a similar bullish outlook, noting that Bitcoin successfully broke above the short-term resistance level of around $68,600 and confirmed it as new support.

According to the analyst this retest could fuel further upward momentum as the price continues to rally into the new week.

When writing, Bitcoin was trading right above the support level at $68,601, up 1.3% over the past day.

Overall the crypto market was highly bullish with the fear and greed index at 72.

The top gainers of the week were:

Bitcoin SV

Bitcoin Satoshi Vision (BSV) was up 9.2% and hit a weekly high of $50.40 on October 28.

The Bitcoin hard fork traded sideways over the past two days before forming a god candle during the later hours of Monday.

Source: CoinMarketCap

While the exact reason behind BSV’s rally could not be confirmed, it coincided with a significant uptick in open interest, which surged by 42.91% to $13.5 million, indicating heightened trader activity and increased speculation that may be driving the price upward.

Looking at posts on X, it seems BSV was cashing in on the narrative that it is the true embodiment of Satoshi Nakamoto’s vision, with traders emphasizing its ability to scale with low transaction fees and handle enterprise-level applications, unlike Bitcoin, which many claim has deviated from its original purpose as a peer-to-peer electronic cash system.

SPX6900

SPX6900 (SPX), the meme coin that aspires to surpass the S&P 500 and hit a market cap goal of $69 trillion, continued its rally that started in late September and managed to hit an intraday high of $0.95.

The meme coin was up 6.2% over the past 24 hours and a whopping 749% in the past month.

Source: CoinMarketCap

In addition to the general excitement surrounding meme coins, SPX6900 received a significant boost following its recent listing on LogX’s decentralized exchange for perpetual trading.

The token also gained momentum with its integration into the cross-chain protocol Wormhole, which opened up new investment avenues for traders.