Rally Wind in Bitcoin and Altcoins: BTC Exceeded $71,000! What is the Reason for the Rise? Analysts Evaluated the Latest Situation!

Sharp Rise in Bitcoin and Altcoins

Bitcoin and altcoins have experienced a significant surge, breaking free from recent selling pressure.

BTC's price climbed nearly 5% to over $71,000, while altcoins also witnessed substantial gains.

Altcoin Highlights

• Ethereum (ETH) rose 5.4% to surpass $2,600.
• Solana (SOL) climbed 4% to $180.
• Dogecoin (DOGE) surged 16.2% to $0.165.

Short-Sellers Liquidated

This rise led to the liquidation of over $236 million in leveraged positions over the past 24 hours, according to Coinglass data.

Bitcoin accounted for the most liquidations at $88.5 million, followed by ETH and SOL.

Causes of the Rise

Donald Trump's Potential Election Victory:

• Analysts attribute the surge to Trump's perceived increased likelihood of winning the US presidential election.
• CryptoQuant analyst Mignolet cites increased whale buying as a factor.
• Inflows into spot Bitcoin ETFs have also played a role.

Analyst Observations:

• Tony Sycamore views Bitcoin's rise as a sign of its association with Trump's potential victory.
• QCP Capital co-founder Darius Sit believes the market is factoring in increased certainty of a Trump win.