Hassan Maishera
TL;DR
-
Bitcoin hit the $73,544 mark on Tuesday before retracing below $72,500.
-
The all-time high price remains $73,750, and Bitcoin could set a new one soon.
BTC Hits $73,500 as Rally Continues
The cryptocurrency market is starting the week positively, with Bitcoin and major altcoins currently in the green. Bitcoin added more than 2% to its value on Tuesday and hit the $73,544 mark.
However, it failed to surpass the all-time high price of $73,750 and has now retraced below $73k. At press time, Bitcoin is trading at $72,347, up 1.5% in the last 24 hours.
JUST IN: $115,000,000 worth of #Bitcoin shorts liquidated in the past 24 hours.
— Watcher.Guru (@WatcherGuru) October 29, 2024
Thanks to this rally, over $115 million worth of Bitcoin shorts were liquidated. If Bitcoin maintains its positive momentum, it could surge to a new all-time high in the coming hours or days.
The rally can be attributed to the growing demand for spot Bitcoin exchange-traded funds. On Tuesday, the total Bitcoin ETF trading volume surpasses $4.5 billion, the highest since March.
Bitcoin ETFs had a total inflow of $870 million, with BlackRock’s IBIT leading the charge with over $629 million in single-day inflows. Fidelity’s FBTC came in at second with a $133 million inflow, followed by Bitwise’s BITB ($52 million), Grayscale’s mini bitcoin trust (BTC) ($29 million), VanEck’s HODL ($16 million), and Ark’s ARKB ($12 million).
The cryptocurrency market has been performing well ahead of week’s U.S. elections, which many traders believe could push Bitcoin’s price to the $80k mark, regardless of a Democrat or Republican win.
Dogecoin Continues to Take the Lead
Dogecoin maintains its position as the best performer amongst the top 10 cryptocurrencies by market cap after adding more than 5% to its value. Yesterday’s rally allowed DOGE to cross the $0.170 mark and trade at $0.1741 per coin.
In the last seven days, DOGE's value has increased by more than 24%, outperforming Bitcoin and other major cryptocurrencies.
Ether, the second-largest cryptocurrency by market cap, is now trading above $2,650, up 1.5% today. Thanks to the ongoing rally, the total cryptocurrency market cap now stands at $2.44 trillion.
