The leading cryptocurrency is just 1% below its record high of $73,737
Bitcoin is approaching its all-time high, climbing from around $71,000 on Tuesday morning to $72,000 by the afternoon and finally surpassing $73,000 by late afternoon. This surge comes just a week before the U.S. elections, a period many traders perceive as bullish for the markets, regardless of the election outcome. Polls suggest a tightly contested race between Donald Trump and Kamala Harris, adding to market anticipation.
The leading cryptocurrency is currently at $73,562, having risen nearly 6% in the last 24 hours and 8.75% over the week. It is now only 1% below its record high of $73,737, which it last reached in March.
This recent price surge coincides with a pivotal week for big tech earnings, as industry giants such as Meta $META (Facebook’s parent company) (META), Amazon $AMZN (AMZN), Alphabet $GOOGL (Google’s parent company) (GOOGL), and Microsoft $MSFT (MSFT) are set to report their quarterly results. These earnings could significantly impact the broader financial landscape, potentially influencing Bitcoin’s momentum by providing insights into market sentiment.
Investors continue to bet on Bitcoin ETFs, which has also driven up the price of Bitcoin. According to Bitcoin ETF tracker Farside, the 11 spot Bitcoin ETFs continue to see massive inflows, with aggregated net inflows of $479.4 million on Oct. 28.
On Monday, BlackRock $BLK’s (BLK) iShares Bitcoin Trust (IBIT) (IBIT) attracted the most $315 million in inflows, while the Ark 21Shares Bitcoin ETF (ARKB) received $59 million. Meanwhile, Fidelity’s Wise Origin Bitcoin Fund saw an inflow of 44 million, and the Bitwise Bitcoin ETF (BITB) (BITB) followed with just over $38 million.
Bitcoin’s recent price surge has buoyed the entire cryptocurrency market, sparking notable gains across various digital assets. Ether (ETH), the second-largest cryptocurrency by market capitalization, is trading at $2,600, marking an increase of over 6% in the last 24 hours. Additionally, popular memecoins have seen substantial upticks: Dogecoin (DOGE) has jumped by more than 19%, while Shiba Inu (SHIB) is up over 14% in the same period. These gains highlight renewed investor enthusiasm across diverse sectors of the crypto market.
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