Bitcoin Surpasses $71,000 in Surprise Surge···Bull Market Mood Changes

BTC, continued its sharp rise during the day on the 29th...3.4% away from the all-time high
Altcoins, turned to a clear upward trend following the rise of BTC
Experts "BTC will set a new all-time high after the US election"

BTC (Bitcoin) broke through $71,000 due to the continued success of the BTC spot exchange-traded fund (ETF) in the US and expectations for the US presidential election.

BTC surged 3% in the morning on the 29th, breaking through $70,000, and continued to rise in the afternoon, breaking through $71,000 and approaching the all-time high of $73,700, about 3.4% away.

It is analyzed that the BTC spot ETF in the US has led the rise of BTC. According to data released by Factset Investor on the 28th, the BTC spot ETF in the US recorded a net inflow of about $920 million (about 12.733 trillion won) in the fourth week of October, achieving a cumulative net inflow of about $25.4 billion (about 35.1561 trillion won). In particular, the BTC spot ETF in the US recorded net inflows on all days except one from November 11 to 22.

In addition, the upcoming US presidential election is also cited as a cause for the rise of BTC. There are reports that former President Trump, a 'pro-cryptocurrency candidate', is leading Vice President Harris in opinion polls, and this has led to rising expectations surrounding BTC.

Vice President Harris has also expressed her intention to support the cryptocurrency industry through her official campaign platform, and there are expectations that both candidates, if elected as the new US president, will support the cryptocurrency market.

Altcoins also rose in line with the rise of BTC. Many altcoins recorded a rise of more than 2%.

◇BTC = As of 4:30 pm on the 29th, the BTC price on Upbit is 98.94 million won.

As BTC surged ahead of the US presidential election, experts once again predicted that a bullish market for BTC is approaching.

Bitfinex, in a report released on the 29th, predicted a victory for former President Trump in the US presidential election, emphasizing that the cryptocurrency market will experience a perfect storm, with BTC reaching a new all-time high in the fourth quarter.

The report stated, "When the US presidential election begins, the cryptocurrency market will suffer from very high price volatility, but this will ultimately create a perfect storm in the market and lead to the achievement of BTC's all-time high in the fourth quarter," adding, "A very exciting season is approaching."

The research team led by Matthew Sigel at VanEck also predicted that a BTC bull market will start in the near future due to the US presidential election.

The report explained, "BTC surged in the same pattern in 2020," and "Once the winner of the presidential election was announced, BTC showed high volatility and rallied."

◇Rising Coins = As of 4:30 pm on the 29th, the cryptocurrency that recorded the largest increase compared to the previous trading day on Upbit was Stacks (STX), which rose about 6.39%.

Stacks (STX) is a cryptocurrency used on the Blockstack platform, a decentralized internet platform, as a Layer 1 blockchain solution. It is used to develop and execute decentralized applications along with smart contracts on the Blockstack.

Unlike BTC, the Stacks token uses a new mining algorithm called POX. POX is a hybrid consensus mechanism that allows the Stacks blockchain to benefit from the security of the BTC network while enabling developers to create new tokens and smart contracts on the Stacks blockchain.

Gro$tol Coin is a coin that first implemented SegWit by separating it from BTC, and is a platform that supports the Lightning Network.

SegWit is a software upgrade system that separates the digital signature part from the BTC block, increasing the storage capacity of each block. This enhances anonymity and security, and transactions are completed through a Peer-to-Peer (P2P) method, resulting in very low fees.

◇Fear and Greed Index = The Cryptocurrency Fear and Greed Index provided by Alternative is 72 points, entering the 'Greed' stage. The Greed stage is a period of high price volatility and trading volume, where prices are rising. There is a high possibility of forming a short-term peak, so caution is required when selling.