Bitcoin (BTC) Price Hits All Time High, Dogecoin Soars 16%, Crypto Market Gains $2.5 Trillion

Crypto Market Rallies, Bitcoin Hits All-Time High

Over the past 24 hours, the cryptocurrency market cap has surged by 5%, driven predominantly by Bitcoin (BTC). As of November 6 during the early Asian session, BTC hovers close to $2.51 trillion. It has reached a new all-time high (ATH) of over $74.5k, representing an increase of 6.9% within the same period.

Dogecoin (DOGE), a prominent meme coin supported by Elon Musk, has led the gains among top altcoins. It has climbed over 16% in the past 24 hours, trading at 19 cents during the early Asian session on Wednesday.

Amidst heightened crypto volatility, more than $258 million has been liquidated from the leveraged market, primarily involving short traders.

Market Cautions and Predictions

Peter Schiff's Warning

Peter Schiff, a well-known crypto critic, has cautioned traders about a potential short-term decline:

• "The dollar is rising, while bonds and gold are selling off. Of the three, only bond traders have it right, but for the wrong reason. Harris would've been worse than Trump, but the real crash hasn't been averted," Schiff tweeted.

Market Outlook from Polymarlet and Ali Martinez

<>Initial election results indicate that Republican candidate Donald Trump has an early lead. <>According to Polymarlet, the odds of Trump's victory have risen to nearly 80% as of the time of reporting.

Ali Martinez, a crypto analyst, believes an altseason could commence within the next eight weeks as Bitcoin dominance prepares to reverse.

Institutional Activity

Despite the market surge, institutional investors remain on the sidelines. Outflows from US spot BTC ETFs continue, with cash withdrawals recorded for the third consecutive day.