The cryptocurrency market is heating up! Led by Bitcoin and Ethereum, the total market cap surged by a whopping 2% in just 34 hours, reaching a staggering $2.3 trillion on Wednesday. This sudden surge sent shockwaves through the crypto world, leaving investors and traders buzzing with excitement and anticipation.
Over the last 24 hours, a sharp rise in the crypto market led to over $111 million in liquidations, mainly from traders betting on falling prices.
Bitcoin’s price jumped over 2% in the past day, hitting a high of about $64,750. Despite running into resistance around $64,000, Bitcoin closed Tuesday above its 200-day Moving Average (MA), signaling growing optimism in the market.
Ethereum, however, has been slower to gain momentum. A bearish signal, known as the “death cross,” where the 50-day MA crosses below the 200-day MA, is putting pressure on Ethereum’s price and cooling investor confidence.
The recent approval of Bitcoin and Ether spot ETFs in the U.S. has highlighted the difference in institutional demand between the two assets. In the past two weeks, U.S. Bitcoin ETFs have seen a net cash inflow of around $800 million. On Tuesday alone, Bitcoin ETFs drew in $135 million, led by BlackRock’s IBIT, Fidelity’s FBTC, and Bitwise’s BITB.
These Bitcoin ETF purchases have absorbed some of the selling pressure from miners, who have sold over $16 million worth of Bitcoin in the last two days.
Meanwhile, Ether ETFs have been struggling, showing net outflows over the past seven weeks, although they did manage to bring in $62 million on Tuesday, with BlackRock’s ETHA leading the way.
As the bearish third quarter ends in less than 10 days, the crypto industry will usher in a new era of bullish sentiment in the fourth quarter, expected to continue until 2025. With the ongoing economic shift, accelerated by the Fed’s and China’s interest rates, the ongoing crypto bullish outlook will significantly increase in the fourth quarter.
As the crypto market heats up, the question remains—will Bitcoin continue its reign, or will altcoins steal the spotlight in Q4?
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