Bitcoin Price Surges Above $71,000 as Cryptocurrency Market Soars
On October 29, 2024, the price of Bitcoin is experiencing a significant increase, trading above the $71,000 level as the market sees prices skyrocket for various cryptocurrencies. Bitcoin reached the impressive milestone of $70,000 yesterday, a record not seen since June of this year.
In a bullish move yesterday, the asset hit a price peak at the $71,580 level but was unable to sustain it and retraced to the current zone. With the recent surge, Bitcoin achieved a milestone in Brazil by surpassing R$400,000 for the first time, setting a new price record against the real.
At the time of publication, the price of Bitcoin was quoted at $71,322.83 with a 3.9% increase in the last 24 hours, equivalent to approximately R$407,967.71 BRL and €66,182.24 EUR. Over the past week, the asset has shown a recovery of 6.3%.
Analyzing Bitcoin’s current price action, market expert Ali Martinez highlighted that the next local high could be around the $84,200 level. “With Bitcoin $BTC surpassing $70,500, the next local high could be around $84,200, according to the MVRV Price Bands!” wrote Martinez.
Similarly, following Bitcoin’s recent surge, most major cryptocurrencies are witnessing significant price gains in the last 24 hours. Ethereum is trading at $2,627.91 with a 4% increase in its price. XRP is trading at $0.526 with a 1.3% increase. Cardano is currently trading at $0.3475 with a 2.5% increase in the last day. Solana is currently trading at $2.5.
The two largest memecoins are also experiencing considerable gains today. Dogecoin (DOGE), traded at $0.1667, rose 14.1% in the last 24 hours, while Shiba Inu (SHIB) is valued at $0.00001878 after surging 10.0%.
Disclaimer: The views and opinions expressed by the author, or anyone mentioned in this article, are for informational purposes only and do not constitute financial, investment, or other advice. Investing or trading cryptocurrencies carries a risk of financial loss.