Bitcoin (BTC) surged past $65,000 on Monday, continuing its recent upward momentum. After surpassing the $64,000 mark, BTC climbed to $64,900, coming within 11% of its all-time high of $73,000 set in March. As the crypto market gains strength, its total market capitalization has risen to over $2.3 trillion, up by 1% in the past 24 hours, according to CoinGecko.
Altcoins See Broad-Based Rally
Altcoins have followed Bitcoin’s lead, with Solana-based memecoins making notable gains. Among the top performers were Book of Meme (BOME) and Billy (BILLY), both surging by 16%, while Slerf (SLERF) jumped 20%, and GME rose by 27% within 24 hours. This rally suggests that the altcoin market is gaining momentum, hinting at a potentially sustained upward trend.
Sui (SUI) also caught attention by reaching a new all-time high of $2.35 over the weekend. With a market cap of $6.1 billion, SUI has moved into the top 20 crypto assets, surpassing well-known tokens like Near (NEAR), Polkadot (DOT), and Uniswap (UNI).
Altcoin Season on the Horizon?
According to crypto analyst Moustache, the Altcoin Season Index is forming a bullish inverse head-and-shoulders pattern. This signal, which hasn’t been seen in over three years, suggests that an “up-only” season for altcoins may be approaching.
Bitcoin’s Comeback After Dipping Below $60K
Bitcoin’s recent surge above $64,000 comes after a brief dip below $60,000, triggered by higher-than-expected U.S. inflation data. While inflation didn’t fully meet expectations, it showed a downward trend, which has helped BTC recover.
China’s Economic Stimulus Fuels Crypto Market
A key driver of the current market momentum is China’s recent stimulus measures. In an effort to revitalize the country’s economy, China’s Finance Minister Lan Fo’an announced a new fiscal stimulus package. While the exact size of the package wasn’t disclosed, the news pushed the Shanghai Composite Index up by 2.12%.
Analysts believe this stimulus has boosted market sentiment, with Min Jung of Presto Research noting it as a significant factor behind Bitcoin’s price surge.
U.S. Presidential Election Could Impact Bitcoin’s Future
As the U.S. presidential election approaches, markets are bracing for heightened activity, which could further support Bitcoin’s price. Steven Lubka, head of private clients at Swan Bitcoin, expressed confidence that Bitcoin could reach $100,000, regardless of who wins the election. Former President Donald Trump has voiced strong support for Bitcoin, generating optimism among crypto investors, while Vice President Kamala Harris has also committed to fostering innovation in digital assets.
