Bitcoin All Time High, Again
So uptober was real. And we are just getting started.
This week has been a wild ride for Bitcoin! The original digital currency surged over 8%, momentarily crossing the $73,000 mark on Tuesday—bringing it within striking distance of its all-time high. This latest jump has Bitcoin enthusiasts everywhere excited, with many predicting a new high could be just days away as we inch closer to the upcoming election.
I’ll admit, the reasons behind Bitcoin’s recent growth are as intriguing as they are complex. At first glance, the surge seems closely tied to the election buzz. Republican candidate Donald Trump, who’s been vocal in support of Bitcoin this election cycle, appears to be a significant factor.
The idea of a “Bitcoin-friendly” administration under Trump has the markets feeling bullish. Trump has been all over Bitcoin-related issues this season, from vowing to fire SEC chair Gary Gensler (a rather unpopular figure in the Bitcoin world) to promising that the U.S. will become “the Bitcoin capital of the planet.” For many, this pro-Bitcoin rhetoric is like fuel to the fire, sparking hopes that a Trump victory would mean smoother regulatory waters for the Bitcoin community.
Yet, as much as we can guess at the “Trump factor,” Bitcoin’s typical October performance is also playing a role here. Known as “Uptober,” October has traditionally been a strong month for Bitcoin, with significant price jumps throughout its history. This October has been no exception, with Bitcoin seeing an impressive 12% gain for the month so far. It’s clear that both election hype and the “Uptober” trend have combined to push Bitcoin toward record territory.
Other digital assets are along for the ride too. Ethereum and Solana are up 4% and 5%, respectively, while Dogecoin—a memecoin often associated with Elon Musk—soared by a whopping 23%. Interestingly, Musk has been giving Dogecoin a lot of love, mentioning it in speeches at Trump rallies, which has surely contributed to the coin's recent rally. I mean, only in the world of digital assets do you get tech moguls talking about memecoins at political events!
Bitcoin ETFs (exchange-traded funds) also saw massive inflows this week, pulling in $870 million on Tuesday alone. These ETFs, which were approved in January, have become a huge way for people to get exposure to Bitcoin without directly buying it. This week’s influx is the third-largest since they hit the market, a testament to the growing interest in Bitcoin as both a long-term investment and a shorter-term play on the election.
But let’s not get too comfortable. Despite the recent optimism, Bitcoin remains volatile, oscillating between $71,000 and $73,000, and some analysts worry that a victory for Vice President Harris could cool off the market, at least in the short term. Although Harris supports a more balanced approach to Bitcoin, some think the market might stumble if she wins.
Ultimately, most Bitcoin insiders feel confident about its future regardless of who wins. As Michael Terpin, CEO of Transform Ventures, put it, “We’re at the point of the cycle where it usually does go up quite a bit. I just think that Trump winning would make it quicker and faster and higher.” Terpin’s bullish sentiment reflects the optimism in the Bitcoin space as we approach election day.
For now, Bitcoin fans are keeping a close eye on its price, the latest polls, and, of course, the Polymarket predictions, which currently give Trump a 67% chance of winning. With just days to go before the election, the next chapter in Bitcoin’s exciting journey is unfolding right before our eyes. Hold onto your wallets, folks—it’s going to be an exciting week!