Bitcoin is closing in on its March all-time high as the crypto market gets fired up about next week’s election.
Traders are piling into BTC as Donald Trump, considered the more pro-crypto of the two candidates, looks to be leading in the polls.
Meanwhile, new meme coin Crypto All-Stars is gaining traction at just the right time – with its ICO raising over $2.8 million.
Bitcoin Eyes New All-Time High as Bulls Take Control
Bitcoin’s (BTC) march higher continues, with the OG crypto now trading at $71,100 after shaking off last week’s dip.
The coin has bounced back strongly, up over 8% from Friday’s low and touching its highest level since early June.
BTC’s momentum is hard to ignore.
It’s now eyeing its fourth straight day in the green, and the coin’s technicals look primed for more upside.
On the 4-hour chart, BTC broke out of a bull flag pattern, suggesting there could be more room to run.
The coin’s proximity to March’s peak is what’s really getting traders excited.
At the current price, Bitcoin is just 3% shy of its all-time high of $73,750.
The derivatives market is also telling an interesting story, with open interest hitting unprecedented levels above $23 billion.
This surge in trading activity points to heavy institutional involvement, which could add extra fuel to Bitcoin’s rally.
Trump’s Pro-Crypto Vision Prompts Market Rally Ahead of Election
Bitcoin’s surge comes as investors turn their attention to next week’s presidential showdown between Trump and Harris.
And there’s a clear favorite in the crypto market.
Trump has been making headlines with bold promises to transform America into what he calls “the crypto capital of the planet” and a “Bitcoin superpower,” prompting excitement from investors.
Popular influencers are taking note, too.
$BTC sitting at ATH while the most crypto-infra bullish president hasn’t been elected yet.
Are you connecting the dots?!
— The Crypto Monk (@thecryptomonk) October 29, 2024
The Crypto Monk, who has a Twitter following of 163,000+, recently tweeted about BTC being near all-time highs before Trump has even been elected.
This tweet suggests he thinks the market might just be getting warmed up.
Ultimately, while Harris has made some positive noises about encouraging “innovative technologies,” her ties to the current administration’s stricter approach have most investors betting on Trump.
With Polymarket’s polls suggesting he’s in the lead, markets appear to be pricing in the possibility of a crypto-friendly president.
Crypto All-Stars ICO Raises $2.8M on Election Hype as High-Yield Staking Platform Draws Praise
The crypto rally is also benefiting newer projects – and Crypto All-Stars (STARS) is one of them.
Crypto All-Stars’ ICO just crossed the $2.8 million mark as investors eye potential regulatory shifts if Trump becomes president.
The project’s MemeVault platform could capitalize on his pro-crypto stance.
His promises could open the floodgates for staking platforms like this, where users can put their meme coins to work earning STARS tokens on multiple chains.
This setup is already gaining traction, with over 1.3 billion tokens staked.
Security hasn’t been overlooked either, with audits from SolidProof and Coinsult giving STARS’ smart contracts a clean bill of health.
And with 17,000+ followers on Twitter, the project is beginning to get attention on social media.
ClayBro, a popular crypto YouTuber, recently discussed STARS in a video.
He praised its MemeVault platform and speculated the token could be “set to soar” in the next meme coin rally.
With Bitcoin rallying and Trump looking set to win back the presidency, Crypto All-Stars could be in the right place at the right time.
Visit Crypto All-Stars Presale
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