Bitcoin reached a new all-time high
Did you expect Bitcoin to soar past $73,000 this year? Experts did but find the surge surprising and here’s why.
Bitcoin hit a new all-time high before October ended
If there’s one cryptocurrency you can expect to blow expectations out of the water, then it’s none other than Bitcoin (BTC). Reaching $70,000 as a new all-time high in March 2024 was already impressive enough. Now it’s pushing over $73,500 right before October ends.
Key Takeaways:
- Bitcoin (BTC) reached an all-time high of $73,500 on 29th October. This bullish trend generated a total inflow of $870 million through ETF offerings.
- BTC’s price and volume surge is odd considering the lack of endorsements. That means the trend isn’t based on FOMO which was the common driving force behind the sudden crypto surge.
- The SEC is looking into other digital assets for ETF offerings. Ripple (XRP), Avalanche (AVAX), and Solana (SOL) are noted as the top prospects.
People are talking about BTC now and here are some of the most interesting topics brought up:
Bullish trend inflow day of $870 million through BTC ETFs
One of the biggest driving forces behind Bitcoin’s upward trend is the approval of exchange-traded fund (ETF) offerings for BTC spot trading. United States (US) investors were already anticipating the approval from the Securities and Exchange Commission (SEC). Many US citizens refuse to own cryptocurrency so the ETF is their only window to profit from it.
In January 2024, the SEC approved 11 exchanges to offer BTC ETF offerings, which sparked a strong market trend for crypto until March. Crypto prices surged past $73,000 in March 2024 and created a price floor at $60,000. There were downtimes, like the dip in July and it stabilised in the following months. This October is exciting because it’s been all upwards.
The current all-time high for Bitcoin was $73,500 on 29th October and trends continued upwards as the month transitioned to November. It accrued a record total inflows of over $870 million across all exchanges.
The majority of inflows come from iShares Bitcoin Trust with $642.9 million followed by Fidelity’s FBTC with $133.9 million. Bitwise BITB, ARK’s Bitcoin ETF (ARKB) and Grayscale’s BTC fund are some of the most notable contributions ranging between $12 to $52 million. The market is still liquid for BTC now so it’s a good opportunity to cash in winnings from Bitcoin casino games.
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Bitcoin price surge is odd
The state of the market is undoubtedly exciting but senior ETF analyst at Bloomberg, Eric Balchunas, stated that it’s unusual. He notes that volume can spike if there’s a crazy fear of missing out (FOMO) trend happening. You can see this in social media where content creators are hyping up BTC or media outlets are covering speculations from various sources.
Bitcoin didn’t see too many endorsements on social media or mainstream news. It is occasionally mentioned as one of the topics for the upcoming US presidential elections in November. The outcome of the election is speculated to have a big impact on crypto so it is speculated that the BTC sentiments around presidential candidates are high.
Other crypto recognised by the SEC for ETF offerings
The Bitcoin ETF is a huge success after bringing millions in USD to investors worldwide. The SEC is once again looking at other crypto as the prospect for ETF offerings, too.
Ethereum (ETH) has already been in consideration since the start of the year as it was among the first proposed with BTC. Everyone already has an ETH ETF to come so investors are more interested in what the SEC thinks of Ripple (XRP). Avalanche (AVAX), and Solana (SOL).
The SEC has formally declared their interest in these crypto coins. Exchanges have proposed multi-asset fund offers consisting of these assets instead. Unlike BTC ETF which only revolves around one digital asset, a multi-asset fund has a diverse portfolio to benefit from different network trends at once.
The future of crypto investment is thriving with ETF
The ETF trend opened to floodgates for investors in the crypto world. For starters, it exposed investors to digital assets while protected by US regulations. Long-time users of these assets also benefit from the trend as investors or traders. Players at Gamdom now guarantee that their Bitcoin winnings are always liquid and the price keeps rising over time.
