What a week has it been for the cryptocurrency market! The volatility went rampant, and Bitcoin almost charted a new all-time high. In fact, it came $150 away from doing so, but the sellers stepped in and pushed the price back. Ultimately, the total market capitalization managed to add some $50 billion as we are headed into the week of the US Presidential Elections. 

To start with Bitcoin, its price was trading at around $68,000 during this time last week, and it almost charted a brand new all-time high, coming $150 away from it on Tuesday. The bulls didn’t have it in them, though, and the sellers intervened, pushing the cryptocurrency lower. It took them a few days, but BTC is currently trading at around $70,000. It’s interesting to see whether or not this level will hold, as it might be pivotal for its next short-term move. 

That said, Bitcoin’s dominance – the metric which tracks its share relative to that of the rest of the market – has also been on the rise. This is particularly indicative of the current dynamics. Altcoins are struggling to keep up as BTC accounts for close to 60% of the total market – a high that we hadn’t seen in three years and a half. 

Stepping away from price action, it’s worth noting that yesterday, October 31st, marked the 16th birthday of Bitcoin’s whitepaper – a date celebrated across the entire industry and, as it turns out, beyond it. 

In a surprising tweet, Donald Trump congratulated the community: