The cryptocurrency market has shown significant growth in the past 24 hours, led by Bitcoin and Dogecoin.
Current Crypto Market Situation
The total crypto market cap rallied over 5% in the past 24 hours, led by Bitcoin. The flagship coin surged over 6.9%, reaching a new all-time high above $74.5k. Dogecoin also saw a notable rise, spiking over 16% to trade at 19 cents. Significant market volatility led to the liquidation of over $258 million from the leveraged market, mainly affecting short traders.
Peter Schiff's Warning
Crypto market critic Peter Schiff cautioned traders of a potential price drop. He stated, "The dollar is rising, while bonds and gold are selling off. Of the three, only bond traders have it right, but for the wrong reason. Harris would've been worse than Trump, but the real crash hasn't been averted."
Market Picture
As Bitcoin's price rose above $73k, the altcoin market gained significant bullish momentum, particularly driven by dog-themed meme coins. According to popular crypto analyst Ali Martinez, the anticipated altseason could begin in the next eight weeks as Bitcoin dominance prepares for an inevitable reversal. Meanwhile, institutional investors remain cautious, as indicated by the third day of cash outflows from US spot BTC ETFs.
The crypto market is experiencing a new wave of volatility with record highs for Bitcoin and Dogecoin. However, traders should be cautious of potential trend changes, considering expert warnings and current political events.
