Bitcoin is the world’s first and most important digital currency, and as such, the cryptocurrency market has been on track with a substantial day of history after the digital coin skyrocketed to over $72,000. This corresponds to a recent upward trend, which in turn has brought the total crypto market cap to a staggering amount of $2.39 trillion. However, the bonanza has not been exclusive only to Bitcoin, but also to some other high-performing altcoins such as Ethereum, Dogecoin, Solana, Ripple, and Litecoin which have all made remarkable gains across the board.
As of the morning of Wednesday, Bitcoin was trading at $72,534.70, which pointed to a 24-hour increase of 1.94 percent. This has reportedly been caused by the following reasons: increased buying pressure, record-low exchange reserves which indicate strong investor interest. The recent spike in Bitcoin ETFs has had a significant contribution as well, $3.9 billion inflows have been registered since October 11.
Ethereum, the cryptocurrency which ranks second in terms of market cap, has registered the biggest when the price has risen to $2,681.15, the 24-hour % means 2.29 gains. Dogecoin was also growing too, seeing like a 7.22 percent gain to the amount of $0.1767. Litecoin & Ripple also showed gains by 1.36% & 0.45% each in the same order of course.
The Market Fear & Greed Index at a score of 67 out of a possible 100 now reads the perception of “Greed” among investors. This positive aspect is headed by tokens like Sui (SUI), which obtained the second consecutive day’s biggest gain, having improved by over 12 percent during 24 hours. But conversely, Kaspa (KAS) suffered the stiffest loss of nearly 7 percent at the same time.
The industry experts pointed out that this bullish pattern stemmed from a variety of factors, one of which is the growing odds of Donald Trump’s election campaign, which is backed by a pro-crypto policy. Shivam Thakral, CEO of BuyUcoin, pinpointed the rise of Bitcoin open interest by $2 billion, which took only 48 hours, which is a demonstration of the heightened trading activity. He also commented that the bulls are thinking positive and expecting Bitcoin to go above $76,000 for a certain breakout that will be the end of a positive cycle.
Cryptocurrency market isn’t only about price development but also represents the growing institutional interest. Thus, U.S. Bitcoin ETF accumulations have risen to the euphoric amount of $66 billion which shows the growing mainstream interest in virtual currencies as a legal kind of asset. This support from big institutional investors along with suitable economic factors has strongly contributed to crypto market’s soaring growth.
While the crypto market is developing, it is obvious that the blockchain technology and digital assets are becoming more and more integrated with the global financial sphere. With the major cryptocurrencies going to new highs and a rising number of institutional investors expressing interest, the best crypto market period seems to be coming. On the other hand, investors are invariably prompted to be cautious and make their due diligence before injecting money into the market.
