The crypto market is currently experiencing a significant bull run, largely attributed to the upcoming US elections, which has revitalized investor interest. Bitcoin has emerged from a three-month price slump, trading at $68,771 (approximately Rs. 57.8 lakh) on international exchanges as of October 21, according to CoinMarketCap. In the last 24 hours, Bitcoin’s profit margin increased by about one percent across both national and international platforms, with Indian exchanges like CoinSwitch and Giottus reporting a price of $69,982 (around Rs. 58.8 lakh).
Analysts, including Edul Patel, CEO of Mudrex, note that the approaching US presidential elections are fostering optimism for a more crypto-friendly environment, which is driving market activity. This positive momentum has led to record weekly inflows into spot ETFs, totaling around $2 billion (approximately Rs. 16,813 crore) over the past week.
Ether has also seen gains, rising by 3.62 percent in the last day. As the second-most valuable cryptocurrency, Ether is trading at $2,739 (roughly Rs. 2.3 lakh) on international exchanges, with Indian exchanges reporting prices above $2,760 (around Rs. 2.32 lakh). Avinash Shekhar, Co-Founder and CEO of Pi42, highlighted that Ether has broken out of a symmetrical triangle pattern, indicating strong bullish momentum, and could potentially reach $2,850 (about Rs. 2.40 lakh), although selling pressure might emerge at that level.
The overall market rally has also benefited various altcoins. Assets such as Solana, USD Coin, Ripple, Tron, Avalanche, Shiba Inu, and Polkadot have all recorded profits, with Dogecoin, Leo, Litecoin, Cardano, and Polygon also experiencing gains. The overall crypto market cap rose by 1.76 percent in the last 24 hours, reaching $2.38 trillion (approximately Rs. 2,00,08,386 crore).
Despite the positive trends, some cryptocurrencies like Stellar, Cronos, Neo Coin, Iota, and Circuits of Value reported losses. Market analysts note that the final quarter of the year—October through December—has historically been bullish, especially during Bitcoin halving years. Additionally, the USDT market cap has hit a record $120 billion (about Rs. 10,08,726 crore), further solidifying its status as the leading stablecoin. The ongoing political climate in the US is expected to continue influencing the bullish sentiment in the crypto market, with prediction markets showing increased odds of a Donald Trump victory.
