The cryptocurrency market has increased substantially in the past 24 hours, with its total capitalization reaching $2.5 trillion. This comes on the back of gains across the board. Most notably, BTCs price soared above $71,000 as the bulls are now eyeing a new all-time high.

Bitcoin Bulls Eye All-Time High

Bitcoins price took off throughout the past 24 hours. What is interesting is that during the past day, 12 hourly candles in a row closed in the green, accelerating the cryptocurrency and pushing it a lot closer to its former all-time high.

At the time of this writing, BTC is trading above $71,000, a point last seen in June this year. The buyers seem eager to achieve a new high.

This move comes just a few days before the upcoming US Presidential elections, which are scheduled for next week, November 5th.

Source: TradingView Although both candidates have shown some support for the industry throughout their campaigns, Donald Trumps has been much more pronounced. He even went so far as to say that he might remove taxes and impose tariffs on tokens developed within the US. In any case, the outcome of the elections is surely to impact the market.

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Dogecoin Leads Altcoin Rally

The vast majority of altcoins are well in the green today. Large-cap cryptocurrencies such as ETH, BNB, SOL, XRP, LINK, APT, TAO, ICP, and others are charting gains between 1% and 5%.

The best performer, however, is Dogecoin—the godfather of meme coins. DOGE exploded by about 15% at one point, a standout performance not only among altcoins but also among the entire market.

Source: Quantify Crypto In all fairness, other meme coins are also performing quite well. PEPE is up by more than 6%, while the cat-themed market leader called POPCAT is also up by more than 12% over the past day.

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Cryptocurrency charts by TradingView.