WBIT, ENA, and MOG post double-digit weekly gains as Bitcoin reclaims $68K

Bitcoin is nearing its 3-month high after breaching $68k for the first time since late June and the rally was primarily driven by US presidential candidates portraying a more supportive stance towards cryptocurrencies.

The altcoins market also rose alongside the flagship cryptocurrency and most of the top 99 tokens ended the week in profits.

WBIT, ENA, and Mog were the highest gainers of the week, each locking in more than 30% over the past seven days.

Earlier this week, Bitcoin’s rally gained momentum as the growing possibility of Donald Trump’s return to the White House bolstered market confidence. 

The former president, who has openly supported cryptocurrencies, vowed to transform the US into a global crypto hub, energizing much of the crypto community, which sees a Republican victory as a win for the sector and also bullish for the price of Bitcoin.

Adding fuel to the bullish momentum were recent remarks from Kamala Harris, the Democratic presidential nominee, who pledged to back crypto-friendly regulations and ensure a clear framework for innovative technologies, offering hope for bipartisan support in the space.

While the Harris campaign has not been as outspoken about cryptocurrencies as Trump, many believe that the Democrats might be warming up to cryptocurrencies.

However, some crypto market proponents like BlackRock CEO Larry Fink, and Alexander Grieve, Vice President of Government Affairs at venture firm Paradigm, have remarked the future of crypto in the US is positive irrespective of who wins.

With U.S. elections currently driving the market rally other factors like the Federal Reserve’s September rate cut, and growing institutional interest and whale activity have also helped sustain Bitcoin’s October rally.

The crypto Fear & Greed Index sat at 73, compared to 32, last week, which goes to show that traders are feeling much more bullish and eager to take risks. However, rising greed levels also increase the likelihood of a potential pullback.

According to several analysts on X, BTC was trading near an important level around the $68,500 mark, which bulls need to conquer.

If the momentum remains strong in this area, analysts expect this rally to continue, with chances of BTC hitting a new all-time high soon.

When writing, BTC was down just over 6% from its previous all-time high recorded in mid-March.

Pseudonymous trader Rekt Capital recently highlighted that a Bitcoin breakout is overdue, drawing parallels with previous Halving cycles.

He noted that in 2020, Bitcoin broke out 163 days after the Halving, and 154 days in the 2016 cycle.

This time, Bitcoin has been in a reaccumulation phase for 187 days, suggesting that, if history repeats, a rally could be on the horizon soon.

Typically a longer reaccumulation phase often suggests a stronger base for potential price movement, which could lead to a more powerful breakout compared to the previous cycles.

Overall, there was no shortage of bullish price predictions for Bitcoin throughout the week, with the latest coming from Bitwise CIO Matt Hougan who claimed the price was heading towards six figures.

At the time of writing, Bitcoin was retesting the $68,500 support level, showing a 2.15% increase over the past 24 hours and a 10.3% gain for the week.

Meanwhile, the top gainers in the altcoin market were: 

WhiteBIT Coin

WhiteBIT Coin (WBT) saw the largest gains over the last 7 days rising 49%, exchanging hands at $17.58, while its market cap hit an all-time high of $2.54 billion on Oct. 18.

This pushed the coin as the top gainer among the leading 100 cryptocurrencies by market cap per data from CoinGecko.

Source: CoinMarketCap

WBT’s rally coincided with a rise in trading volume from $7.85 million on Oct. 11 to over $11 million when writing.

WBT is the native token of the Europen centralized crypto exchange WhiteBIT. Recently, WhiteBIT has achieved Level 1 certification under the Payment Card Industry Data Security Standard (PCI DSS).

This certification, which verified the platform adheres to best practices for fraud prevention and data security protocols was a key catalyst driving WBT’s price rally.

Ethena

Ethena (ENA) soared 30.2% over the last 7 days, trading at $0.42 with its market cap seated at $1.16 billion when writing.

Source: CoinMarketCap

A key catalyst behind ENA’s recent price surge is the continued expansion of the Ethena ecosystem.

Ethena Labs recently approved a pivotal proposal to integrate Ethereal, a decentralized exchange powered by the USDe stablecoin, into its reserve management system.

This integration is anticipated to boost liquidity and utility for ENA tokens within the Ethena ecosystem, increasing their appeal to both users and investors.

Additionally, Ethena’s developers revealed plans last week to allocate $46 million from the reserve fund into tokenized assets, adding further diversification to their financial strategy.

Mog Coin

Mog Coin (MOG), the third largest weekly gainer and a meme coin housed on Ethereum gained 27.2% over the last 7 days, exchanging hands at $0.0000021 at press time.

Source: CoinMarketCap 

Moreover, the altcoin’s market cap stood at $821.6 million while its daily trading volume was hovering around $34.9 million, the majority of which was concentrated on Gate.io followed by Bybit and Uniswap V2.

The community sentiment around the meme coin was very bullish with many viewing a further uptick in its price per data from CoinMarketcap.

Moreover, many X users were shilling the meme coin, calling it the first ‘culture coin’ and predicting it could reach a $1 billion market cap in the short term.

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