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Bitcoin's incredible rise and Wall Street's focus on ETFs

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a day ago


The crypto world is once again in the spotlight following significant events over the past few days. Bitcoin has reached new records, attracting substantial investments into cryptocurrency ETFs, a topic widely discussed on Wall Street.

Bitcoin's trading volume surge

Investors have paid special attention to BlackRock's IBIT fund, which saw trading volume reach $1 billion in the first 25 minutes. This BTC-driven retail and institutional capital influx trend continued, adding to Monday's figures. Since then, inflows to U.S. spot BTC ETFs have exceeded $1 billion for the second time this November.

"$IBIT hit $1b in volume today after about 25min, faster than yesterday when it ended up breaking all-time record."Eric Balchunas

Impact of U.S. elections on crypto market

The victory of a group of pro-BTC and crypto-friendly politicians, including President-elect Donald Trump, has positively impacted the market. The total cryptocurrency market cap exceeded $3.04 trillion, surpassing the previous peak. Bitcoin has been the main beneficiary, attracting roughly $600 billion in new capital inflows.

New perspectives for altcoins

While Bitcoin remains in the spotlight, major altcoins like Ethereum, Solana, and Dogecoin are also experiencing significant growth. However, experts suggest that potential growth for altcoins is still ahead. Thomas Perfumo from Kraken notes that supportive legislation and the growth of the blockchain industry may lead to increased interest in altcoins in the future.

"Bitcoin is leading this market rally, which often precedes capital flows into other layer 1s like Ethereum and Solana before rotating into altcoins."Thomas Perfumo

The recent rise in Bitcoin and cryptocurrency ETFs highlights a renewed interest in cryptocurrencies from investors. While Bitcoin continues to set new records, experts speculate that new growth cycles for other cryptocurrencies may also be on the horizon.

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