DOGE, ENA, POPCAT, BSV surge double-digits as BTC surpasses $71K and nears ATH

As speculation mounts over the potential outcomes of next week’s U.S. election, Bitcoin surged past $71,000, coming close to its all-time high and sparking double-digit gains across a variety of altcoins such as DOGE, ENA, POPCAT, and BSV.

On October 29, Bitcoin (BTC), the leading cryptocurrency, crossed the $70,000 mark for the first time since June, injecting new energy into a market that had remained largely stagnant for the past seven months. This rally was driven by growing speculation about how the U.S. election results might impact the markets, along with strong inflows into crypto-focused exchange-traded funds (ETFs).

With a 5% daily gain, Bitcoin reached an intraday high of $71,540, sparking optimism that it might soon approach its March record high of $73,737. As of writing, its market capitalization stood at $1.4 trillion.

This recent price surge aligns with growing odds for Republican presidential nominee Donald Trump in the Polymarket prediction market, where users are betting on a 65.8% chance of his victory over Democratic candidate Vice President Kamala Harris. A Trump win is widely seen as bullish for the crypto sector, given his previous endorsement of cryptocurrency.

Additionally, renewed inflows into U.S.-based spot Bitcoin ETFs have helped drive the positive momentum. $920 million flowed into Bitcoin funds just last week, with net inflows exceeding $3.5 billion this month alone.

On the technical front, market observers are also highlighting bullish signals. Crypto Rover, for example, pointed to a ‘golden cross’—where Bitcoin’s 50-day moving average crosses above the 200-day moving average. Historically, this setup has led to a doubling in Bitcoin’s price within five months. In another post, Rover noted that Bitcoin has broken out of a bull flag pattern, a significant bullish signal in technical analysis.

The momentum driving Bitcoin’s rally has also spilled over into the broader altcoin market, with many tokens posting double-digit gains.

Over the past 24 hours, Dogecoin (DOGE), the original meme coin, surged 15.1%, reaching $0.1653—its highest point in the past five months—with a market cap of $24.2 billion. Ethena (ENA) gained 13.7%, while Popcat (POPCAT) hit a new all-time high of $1.69, pushing its market valuation to $1.66 billion. Bitcoin SV (BSV), a cryptocurrency that typically mirrors Bitcoin’s price movements, also saw an 11.9% increase, ranking among the top gainers of the day.

The largest altcoin, Ethereum (ETH), rose 4.4%, trading at $2,618. Other major cryptocurrencies such as BNB, Solana (SOL), and XRP posted gains of 1-3%, further contributing to the overall bullish trend. As a result, the global cryptocurrency market cap increased by 2.2%, reaching $2.51 trillion.