• Dapps: 16.23K
  • Blockchains: 78
  • Active users: 66.47M
  • 30d volume: $303.26B
  • 30d transactions: $879.24M

Bitcoin: 10% Surge and High Demand for Spot ETFs

by

2 hours ago

The cryptocurrency market has been highly volatile over the past week. Bitcoin (BTC) surged 10.48%, reaching $69,000. Strong demand for spot Bitcoin ETFs remains a significant factor in the upward momentum.

Strong Demand for Spot Bitcoin ETFs

Over the last week, there has been a robust inflow into spot Bitcoin ETFs, with net inflows reaching $203.3 million by Friday, marking six consecutive days of gains. This consistent demand reflects strong institutional interest, which could be a catalyst for further growth. The SEC's recent approval for spot Bitcoin ETF options to be traded on the New York Stock Exchange is expected to boost liquidity.

Bitcoin's Dominance and Global Trends

Bitcoin's market dominance has surged to 58%, its highest level since April 2021, underscoring its leadership in the crypto space. If the resistance level at 60% is overcome, it could lead to a significant recovery for other Layer 1 coins. QCP Capital also highlights weakening inflation in Japan and the lower yen rate, which increases global risk appetite.

What Lies Ahead for Bitcoin?

This week has been strong for Bitcoin, and volatility is expected to continue into next week. Ongoing interest in spot Bitcoin ETFs will likely support further price growth. Keeping an eye on institutional activity and macroeconomic factors is crucial for investors.

The current Bitcoin market reflects high interest from both institutional and retail investors. Keep an eye on macroeconomic changes and institutional strategies to track market trends.

0

Share

Other news

Top Experts to Speak at Cardano Summit 2024 in Dubai

Cardano Summit 2024 will take place in Dubai on October 23-24 with leaders in the blockchain industry.

7 minutes ago

Shiba Inu Volatility Increases as Investors Move Tokens to Exchanges

Shiba Inu investors shift tokens to exchanges, increasing potential volatility due to mounting sell pressure.

8 minutes ago

Paul Tudor Jones Predicts Inflation and Bets on Bitcoin

Paul Tudor Jones forecasts inflation post-US elections, invests in Bitcoin and commodities.

8 minutes ago

Uniswap and POPCAT: Growth Analysis and Prospects

Uniswap (UNI) and POPCAT show significant growth. What drives current movements and what to expect in the future?

9 minutes ago

Buenos Aires Uses Blockchain and Cryptography for Digital IDs

Buenos Aires employs blockchain and cryptography technologies for issuing digital IDs to 3.6 million residents.

11 minutes ago

Cryptocurrencies and Politics: Chris Larsen's Contribution to Kamala Harris's Campaign

Chris Larsen invests $10 million in XRP for Kamala Harris's campaign, highlighting the growing role of crypto in politics.

12 minutes ago

© 2020. DappExpert. All rights reserved.
© 2020. DappExpert. All rights reserved.

Important disclaimer: The information presented on the Dapp.Expert portal is intended solely for informational purposes and does not constitute an investment recommendation or a guide to action in the field of cryptocurrencies. The Dapp.Expert team is not responsible for any potential losses or missed profits associated with the use of materials published on the site. Before making investment decisions in cryptocurrencies, we recommend consulting a qualified financial advisor.