The last two weeks have been a crucial transitory period for the crypto market. James Butterfield, Head Of Research at CoinShares, recently quoted, “The crypto market saw 726 million dollars outflow [in the first week of September], which matches the largest of records seen in March.
However, investors are not necessarily triggered by these numbers”, implying the crypto market is still on its way to a bull run. However, “Elections are a big mover,” quoted Butterfill. October and November have historically been the best months for Bitcoin, and as a result, an uptick in altcoins can be expected.
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In 2020, despite covid pandemic concerns and a regulatory crackdown on the crypto market tightening, Bitcoin closed at $28,993 on December 31. At the beginning of the year, Bitcoin‘s price was $7,161; the asset grew by 416% that year.
Similarly, Bitcoin’s price reached $42,258 after experiencing sideward chops in 2023, when it went as low as $16,530. Further, historically speaking, the crypto market has always seen a bull run in 2013, 2017, and 2021.
At press time, Bitcoin is currently trading at $64,676, a significant uptick from the $53,811 mark from September 8 onwards. Despite the occasional dip Bitcoin faced after the presidential debate between Harris and Trump, Bitcoin has picked up its rally.
Analysts like Andrew Parish from The Arch Public also vouch that while Kamala Harris’s win might not be suitable for crypto in the short term, it is a win nonetheless for Bitcoin. Given that Bitcoin’s price is directly related to altcoins, the crypto market as a whole is poised to boom in the long run.
As of now, the altcoin season index is 35/100, as per data from CoinMarketcap, indicating that Bitcoin currently dominates the market. As Bitcoin kicks off its bullish rally, altcoins will also pick up pace.
With the crypto market cap rising nearly 10% to $2.27 trillion in 24 hours, Uptober is set to be a month for crypto, irrespective of macroeconomic factors like the U.S. presidential election.