Bitcoin Price Today: What’s Driving the Uptober Rally?

In the latest news flash, Bitcoin has surged past the $71,000 mark—a level it struggled to reclaim in recent months. Up nearly 12% this month, Bitcoin’s climb aligns with the ‘Uptober rally’ expectations that have many investors excited.

Bitcoin now stands just 3.5% shy of its all-time high of $73,750, bringing renewed momentum across the crypto market. Over the past 24 hours, the global crypto market capitalization jumped by 4.56% to reach $2.4 trillion, while trading volume soared by 89.41%, hitting an impressive $100.99 billion. In a wave of enthusiasm, meme coins like Dogecoin (DOGE) and Popcat (SOL) have also surged, each rising by 14%.

But what’s driving this much-anticipated surge? Let’s explore the factors fueling Bitcoin’s rise.

Binance Whales At Play?

Analytics platform CryptoQuant attributes Bitcoin’s sudden upswing to significant trading activity, particularly from Binance’s largest traders. Market analyst Mignolet from CryptoQuant highlighted that Binance whales have been active during Asian trading hours since mid-October, suggesting strategic moves that are driving the rally.

Institutional interest is also increasing. Recently, Bitcoin wallets holding over 100 BTC have grown, while smaller retail holdings have seen a slight decline. This trend indicates that larger players are accumulating Bitcoin, boosting confidence in the market’s upward momentum.

Bitcoin ETFs Draw Massive Inflows

Bitcoin ETFs in the U.S. have pulled in over $3.5 billion in October alone, indicating a rising demand for direct Bitcoin exposure. According to SoSoValue data, BTC ETFs recorded a total net inflow of $479.35 million on October 28, with BlackRock’s ETF IBIT leading the way with a remarkable $315.19 million inflow in a single day.

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All Eyes on the U.S. Elections

As the U.S. election approaches, investor speculation is growing.

Prediction markets currently favor Trump, who has pledged to make the U.S. the “crypto capital of the planet” if elected. On the other hand, Harris takes a more moderate regulatory stance, suggesting a shift away from the strict regulatory approach seen under the Biden administration. The election outcome could significantly impact the future of crypto regulation in the U.S.

Macroeconomic Factors Loom Large

The U.S. economic scenario is also important for Bitcoin’s price trajectory. Key data releases—including Q3 GDP, job numbers, and inflation indicators like the Personal Consumption Expenditures (PCE) index—are expected to influence the Federal Reserve’s interest rate decisions. Many analysts are keeping a close eye on these indicators to see how they might affect Bitcoin price predictions.

While some investors anticipate a short-term correction, the overall market sentiment leans bullish, with hopes that Bitcoin’s rally will continue through November.

The crypto world is buzzing with excitement. Will Bitcoin break its all-time high? Only time will tell.