The post Why Is The Crypto Market Up Today: Bitcoin Crosses $71k appeared on BitcoinEthereumNews.com.

The cryptocurrency industry is enjoying an upswing, of 4.71% over the past 24 hours. As a result, the market cap has now reached $2.4 trillion, while trading volume has surged to an impressive $99.66 billion, reflecting heightened activity and interest amongst traders. With the Fear & Greed Index at 60, investor sentiment leans toward “Greed.” Successively, BTC price has crossed $71k, ETH is up 5.52%, while Dogecoin has surged +15%. Factors Influencing the Recent Run Whale Accumulations: Large-scale Bitcoin purchases, including a recent $355 million acquisition by a single whale, are signaling bullish sentiment from influential players. Bitcoin ETF Inflows: Bitcoin ETFs have drawn substantial attention, accumulating 47,000 BTC in net inflows over the past two weeks, which bolsters institutional interest. Election Speculation: With increasing odds of Donald Trump’s potential return to the U.S. presidential race, some investors view Bitcoin as a hedge, driving demand. Options Market Trends: The options market is showing strong activity, with traders betting on a potential BTC peak by November. Significant open interest is at the $75,000 strike for options expiring on November 8, suggesting high expectations for new highs. Bitcoin Today: Breaking Through $71k Bitcoin has risen to $71,013.42, gaining 4.94%, driven by a sharp increase in trading activity, which has pushed daily volume up by 148.71%. BTC hit a 24-hour high of $71,475.47 as whales and investors alike fueled its upward momentum. With whales adding over $355 million in BTC and short sellers facing $143 million in liquidations, Bitcoin is well-supported by strong bullish sentiment. Curious about where BTC is heading next? Read our Bitcoin Price Prediction for insights! Altcoin Highlights: Ethereum and Solana Climb Higher Ethereum saw a solid gain of 5.52%, climbing to $2,618.27, while Solana rose 3.74% to $181.46. XRP also gained 2.15%, bringing it to $0.5236. As the broader…

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Filed under: News - @ October 29, 2024 7:17 am