As a seasoned crypto investor with a decade of experience under my belt, I can confidently say that Michael Saylor’s tweet feels like a bullish call to arms for the crypto community. The recent surge in Bitcoin’s price is reminiscent of the 2017 bull run, but this time around, it seems more sustainable due to increased institutional adoption and regulatory clarity.
With Bitcoin picking up speed, Michael Saylor, the head honcho at MicroStrategy, made a straightforward yet impactful statement on his platform (previously known as Twitter): “Getting Prepared.” This tweet sparked interest within the cryptocurrency community, underscoring the enthusiasm and hopes surrounding the recent surge in Bitcoin’s price.
Ready to Go?
— Michael Saylor⚡️ (@saylor) November 8, 2024
As a researcher, I found myself observing an anticipated move by the Federal Reserve on Thursday: a reduction in interest rates. This decision, unsurprisingly, seemed to positively impact Bitcoin, propelling it further in its three-day surge. In fact, this cryptocurrency has been displaying a consistent upward trajectory throughout the week, reaching a new peak of $76,000 and setting two consecutive record highs.
On Thursdays, Bitcoin hit its highest price ever at $76,999. There’s growing enthusiasm in the market because on Fridays, Bitcoin revisited and even surpassed the $76,000 level during trading, peaking at $76,483 before momentarily pulling back.
As a researcher delving into the crypto market, I’ve just noticed an interesting development: Bitcoin is currently trading at approximately $76,160, marking a 2% increase over the past 24 hours and a striking 7% rise over the last week. Remarkably, this digital currency has seen an almost 80% growth in 2024, with a key factor being the Federal Reserve’s interest rate reduction. This phenomenal surge outpaces traditional investments like global stocks and gold.
Bitcoin hits all-time highs
After several months of stabilization and horizontal price movements, Bitcoin hit unprecedented peaks this week. As per Glassnode, while volatility remains in the options market, there’s an increasing flow of capital into the network, suggesting continuous interest from new investors.
Investors’ use of options trading indicates they expect market fluctuations to rise, as they protect their investments by taking positions on potential gains or losses.
For the past month, there’s been extraordinary interest in Bitcoin ETFs based in the U.S., with investment levels approaching the product’s initial prosperity. In just the last day, American exchange-traded funds specialized in Bitcoin have recorded a historic daily net inflow of approximately $1.38 billion.
30 days ago, I witnessed a significant surge in my Bitcoin investments, as the Realized Capital saw a 3.8% increase – one of the highest inflows since early January 2023. Currently, this Realized Capital is trading at an all-time high (ATH) of $656 billion, with a net capital inflow of around $2.5 billion over the past 30 days.
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2024-11-08 19:03