The post What’s Driving Bitcoin and Ethereum Price Rally? appeared on BitcoinEthereumNews.com.

Led by Bitcoin (BTC) and Ethereum (ETH), the total cryptocurrency market cap rallied around 2 percent in the past 34 hours to hover about $2.3 trillion on Wednesday.  In the last 24 hours, the sudden crypto pump resulted in more than $111 million liquidated, mostly involving short traders. Bitcoin price rallied over 2 percent in the past 23 4 hours to reach a range high of about $64,750. Despite the flagship coin facing a significant resistance level of around $64, the instrument closed Tuesday above the 200-day Moving Average (MA), thus signaling the reemergence of bullish sentiment. On the other hand, Ethereum’s price against the US dollar continues to lag, with the daily death cross between the 50 and 200 MAs weighing heavily on the bullish sentiment. Bitcoin Remains more Popular Among Institutional Investors than Ethereum  The approval of the spot Bitcoin ETFs and Spot Ether ETFs in the United States has painted a clear contrast in the demand for the two commodities from institutional investors. In the past two weeks, the US spot Bitcoin ETFs registered a net cash inflow of about $800 million. On Tuesday, the US spot Bitcoin ETFs registered a net cash inflow of about $135 million, led by BlackRock’s IBIT, Fidelity’s FBTC, and Bitwise BITB. As a result, the Spot BTC ETF issuers absorbed the selling pressure from Bitcoin miners, selling coins worth over $16 million in the past two days.  On the other hand, the US spot Ether ETFs have been bleeding in the past seven weeks despite some single days of notable cash inflows. For instance, the US spot Ether ETFs registered a net cash inflow of about $62 million on Tuesday, led by BlackRock’s ETHA. Market Expectations  As the bearish third quarter ends in less than 10 days, the crypto industry will…

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Filed under: News - @ September 25, 2024 6:18 am