Bitcoin(BTC) Briefly Hits $81K; A New Rally Era Begins

The most popular cryptocurrency Bitcoin(BTC) has successfully crossed the $80k mark, and even touched $81K briefly, thus, setting in motion a new rally era for itself and other cryptos as well.

At the time of writing, Bitcoin is trading at all-time high of $80,372 after seeing 4.78% surge in the past one day.  The current trading price comes in after a jump of 16.95% in the past 7 days. 

BTC has seen an impressive bullish rate of 28.57% in the past 1 month, and has even crossed the market cap of $1.59Trillion. According to Coingecko, the global cryptocurrency market cap today is $2.88 Trillion, a 2.82% change in the last 24 hours and 95.46% change one year ago. Bitcoin’s market cap represents a dominance of 55.28% in the global crypto market cap. The 24 hour market volume (24h) has also gone up by 184.19% to $82.49 billion.

Technical metrics like Oscillators and Moving Averages both tilt strongly towards a strong buy scale, also indicating positive sentiment amongst the traders. Relative Strength Index (14) value stands at 77.64. Simple Moving Average  for 10 days is 74, 095, again pointing to Buy Action. The growth trajectory of Bitcoin reminds many traders of Gold in 2009-2010.

Bitcoin’s consistent surge was triggered especially by last week’s political dynamics which saw pro-crypto Donald Trump winning US Elections 2024.  On November 5, the prices went as low as  66K, but on November 6, the prices yet again started gaining momentum with early vote counts. In fact, Bitcoin reached an all time high of $75K, by the time, Donald Trump started taking the lead over Kamala Harris in the vote count, by huge margins, and registering a win especially in the swing states.

Also Read: Sen. Cynthia Lummis to Reveal Next Steps for Bitcoin Reserve Act