Bitcoin is approaching its all-time high, currently valued at $71,000, just a week before the US election – a time frame that many traders view as a bullish event for the markets regardless of the outcome. Opinion polls suggest a closely contested race between Donald Trump and Kamala Harris, which contributes to market expectations.

The leading cryptocurrency is up more than 3% in the past 24 hours and 6% in the past week. now just 3.6% below the all-time high of $73,737, which last reached it in March.

This recent price increase coincides with a crucial week for the big tech companies, as industry giants like Meta (Facebook’s parent company) (META+0.38%), Amazon (AMZN+0.18%), Alphabet (Google’s parent company) (GOOGL+0.58%) and Microsoft(MSFT+0.30%) will report their quarterly results. These earnings could have a significant impact on the broader financial landscape and potentially influence Bitcoin’s momentum by providing insight into market sentiment.

Investors continue to pour money into Bitcoin ETFs

Investors continue to bet on Bitcoin ETFs, which has also driven up the price of Bitcoin. According to Bitcoin ETF tracker On the other sidethe 11 spot Bitcoin ETFs continue to see massive inflows, with total net inflows of $479.4 million as of October 28.

On Monday, BlackRock’s (BLK-0.12%) iShares Bitcoin Trust (IBIT+2.68%) (IBIT) attracted the most inflows at $315 million, while the Ark 21Shares Bitcoin ETF (ARKB) received $59 million. Meanwhile, Fidelity’s (FNF-1.33%) Wise Bitcoin Origin Fund (FBTC) saw an inflow of 44 million euros, and the Bitwise Bitcoin ETF (BITB+2.61%) (BITB) followed with just over $38 million.

Other major cryptocurrencies are also on the rise

The recent rise in the price of Bitcoin has boosted the entire cryptocurrency market, leading to notable gains on various digital assets. Ether (ETH), the second largest cryptocurrency by market capitalization, is trading at $2,600, which represents an increase of over 3.6% in the last 24 hours. Additionally, popular memecoins have seen significant increases: Dogecoin (DOGE) is up by more than 13%, while Shiba Inu (SHIB) is up more than 7% in the same period. These gains highlight the renewed enthusiasm of investors in various sectors of the crypto market.