News View Non-AMP

Top Reasons Why Crypto Is Going Up Today

Published by
Qadir AK

In just a few days, the total cryptocurrency market cap has jumped by over $200 billion, mainly driven by Bitcoin’s (BTC) impressive rise above $67,000. Both Bitcoin and Ethereum have seen price increases of over 10% in the past week, currently trading at about $67,300 and $2,618, respectively.

This surge has energized the meme coin market, especially with Dogecoin (DOGE) leading the way, indicating a growing interest from speculative traders. Moreover, more than 95% of Bitcoin addresses are now in profit.

As the market heats up, everyone is scrambling to understand the factors driving this bullish momentum. Let’s explore together.

Factors Driving the Crypto Pump

Rising Open Interest (OI)

The recent drop in fears of further crypto capitulation has led to a rise in FOMO (Fear of Missing Out) trading within the crypto community. Bitcoin’s fear and greed index has surged to 73%, showing that traders are increasingly driven by greed.

Market data from CoinGlass reveals that Bitcoin’s Open Interest (OI) has reached an all-time high of around $40 billion. This significant increase in OI could signal upcoming volatility in the cryptocurrency market.

High Demand from Whale Investors

On-chain data analysis from CryptoQuant shows that new Bitcoin whale investors now hold about 1.97 million BTC, marking an impressive 800% increase year-to-date. Similarly, analytics firm Santiment reported a surge in whale transactions, with 11,697 transfers of at least $100,000 recorded on Tuesday—the highest in over ten weeks.

This increase has led to Bitcoin supplies on centralized exchanges gradually falling to a five-year low. 

ETF Purchases Signal Confidence

Notably, the US-based spot Bitcoin ETFs have purchased coins worth over $1.5 billion in the past four days. Led by BlackRock’s IBIT, the US spot Bitcoin ETFs registered a net cash inflow of around $458 million on Wednesday.

October Bullish Sentiment

From historical data, Bitcoin price has performed well in the fourth quarter. Coupled with the upcoming 2024 US elections and the expected Fed rate cuts amid a shifting global economic outlook, the crypto market will likely continue in bullish sentiment. 

In the coming months, the cryptocurrency market is likely to follow the positive trends of gold and major stock indices, supported by a confident outlook.

Will Bitcoin reach $100,000? The world is watching.

Qadir AK

Qadir Ak is the founder of Coinpedia. He has over a decade of experience writing about technology and has been covering the blockchain and cryptocurrency space since 2010. He has also interviewed a few prominent experts within the cryptocurrency space.

Recent Posts

Ethereum’s $2M Options Bet Fuels Hopes of Sharp Price Surge

2025 has been a rollercoaster year for Ethereum. After plunging 45.3% in Q1, ETH rebounded…

June 6, 2025

Fartcoin Surges Over 14% After Coinbase Roadmap Surprise-Here’s What’s Next for the Price!

Fartcoin made headlines this week after a sharp 14% rally following its surprise inclusion in…

June 6, 2025

Coinbase Listing Hype Sends Fartcoin Back Into Top 100

Fartcoin is back in the spotlight! The joke-themed token jumped 12% in just one day…

June 6, 2025

Hong Kong’s New Rule Forces Stablecoins to Have Real-World Backing

The Hong Kong government has just approved a set of rules that will make sure…

June 6, 2025

Bitcoin Just Mined Its 900,000th Block – What It Means for Miners and the Next Halving

This is huge news! Bitcoin just crossed a new line in the sand. On Friday,…

June 6, 2025

Singapore Cracks Down: Crypto Firms Must Get Licensed by June 30 or Shut Down

Singapore is taking a firm stand on crypto regulation, with the Monetary Authority of Singapore…

June 6, 2025