Bitcoin reaches a new high at $73,000, fueling gains across altcoins and boosting the total crypto market cap.
Bitcoin Surges to New High of $73K
Bitcoin has surged to $73,000, sparking optimism across the crypto market and raising the global crypto cap to $2.45 trillion. Reaching this high, Bitcoin has pushed most cryptocurrencies into positive trading territory within the past 24 hours.
Market Analysts Predict Further Bitcoin Growth
Crypto analysts see room for BTC to climb higher. In an interview with CNBC, Matthew Sigel, head of digital assets at VanEck, highlighted a bullish market setup with Bitcoin’s rally coinciding with a Nov. 5 vote expected to impact the asset. Veteran trader Peter Brandt also sees Bitcoin reaching $94,000 in the coming months, adding momentum to the positive sentiment.
Altcoins Rise Alongside Bitcoin’s Climb
Most altcoins have seen gains due to Bitcoin’s price increase. Ethereum is trading above $2,650, BNB has hit $607, and Solana is at $181. Meme coins, including Popcat, also saw significant gains, while Sui recorded a 24% increase, bringing its price to $2.03.
Top-Performing Crypto Sectors
According to analyst Miles Deutscher, meme coins have led the market with a 219% increase year-to-date, followed by the artificial intelligence and Bitcoin ecosystem sectors. AI tokens and BRC-20 tokens gained 217% each, while real-world assets rose by 134%, and decentralized physical infrastructure networks climbed 73%.
Underperforming Crypto Sectors
Not all sectors are experiencing the same positive performance. Year-to-date, SocialFi has declined by 57%, zero-knowledge technology is down 36%, and metaverse tokens have dropped by 30%. Governance tokens and layer-2 tokens also experienced dips, with 25% and 16% declines, respectively.
Outlook for Bitcoin and Altcoins
The crypto market’s current rally highlights growing investor confidence. Experts suggest that, while Bitcoin may face occasional profit-taking, the broader sentiment remains optimistic. If Bitcoin surpasses its all-time high, analysts expect continued upward momentum across crypto sectors.
Disclaimer:
The information provided on 13Desk is for informational purposes only and should not be considered financial advice. We strongly recommend conducting your own research and consulting with a qualified financial advisor before making any investment decisions. Investing in cryptocurrencies carries risks, and you should only invest what you can afford to lose. 13Desk is not responsible for any financial losses incurred from your investment activities.
