As a seasoned crypto investor with a few battle scars from the 2017 bull run and the subsequent bear market, I must admit that the current state of affairs has me both excited and cautious. The recent surge in Bitcoin to $71,500 is reminiscent of those heady days, but the wise investor knows better than to let emotions cloud their judgment.
On Tuesday, Bitcoin, a significant cryptocurrency, reached an all-time high of $71,500, marking its peak since early June.
This month, the leading cryptocurrency has seen a rise of approximately 12%, as predicted by “Uptober.
As per data from crypto analysis platform CryptoQuant, it appears that the ongoing surge in the cryptocurrency market is primarily being driven by large investors, or “whales,” who are consistently depositing U.S. dollars into the Binance exchange.
Data from Lookonchain indicates that a large investor, often referred to as a ‘whale’, has recently taken out approximately $40 million in Bitcoin from the Binance platform on Friday.
Bitcoin ETFs record massive inflows
Based on figures supplied by Farside Investors, there was an impressive $479 million poured into Bitcoin exchange-traded funds (ETFs) on Monday.
Unsurprisingly, BlackRock’s IBIT logged $315 million worth of fresh money in a single day.
Over the last five trading days, I’ve seen Bitcoin ETFs experience daily inflows. In just the past twelve days, they’ve accumulated close to $4 billion. As ETF analyst Neta Geraci points out, less than 10% of all existing ETFs have a total asset value that matches this figure.
On Monday, these products saw their largest single-day inflows since Oct. 14
Gold hits a new record high
Currently, the price of gold has hit a fresh peak at approximately $2,760. However, financial analyst Peter Schiff, often referred to as Bitcoin’s rival, has acknowledged that this latest surge in gold might not garner much focus compared to the attention given to Bitcoin.
Remarkably, the number of Google searches for the term “Bitcoin” has recently risen, though it’s still lower than during past market surges.
Read More
- BTC PREDICTION. BTC cryptocurrency
- LUNC PREDICTION. LUNC cryptocurrency
- CTXC PREDICTION. CTXC cryptocurrency
- GLMR PREDICTION. GLMR cryptocurrency
- MNT PREDICTION. MNT cryptocurrency
- PlayStation and Capcom Checked Another Big Item Off Players’ Wish Lists
- SEI PREDICTION. SEI cryptocurrency
- ARB PREDICTION. ARB cryptocurrency
- EUR CAD PREDICTION
- EUR INR PREDICTION
2024-10-29 08:48