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  • Shrishesh Tanksalkar
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    Why Is The Crypto Market Up Today: Bitcoin Crosses $71k | Dogecoin Surges 15%

    The cryptocurrency industry is enjoying an upswing, of 4.71% over the past 24 hours. As a result, the market cap has now reached $2.4 trillion, while trading volume has surged to an impressive $99.66 billion, reflecting heightened activity and interest amongst traders. With the Fear & Greed Index at 60, investor sentiment leans toward โ€œGreed.โ€ Successively, BTC price has crossed $71k, ETH is up 5.52%, while Dogecoin has surged +15%.

    Factors Influencing the Recent Run

    • Whale Accumulations: Large-scale Bitcoin purchases, including a recent $355 million acquisition by a single whale, are signaling bullish sentiment from influential players.
    • Bitcoin ETF Inflows: Bitcoin ETFs have drawn substantial attention, accumulating 47,000 BTC in net inflows over the past two weeks, which bolsters institutional interest.
    • Election Speculation: With increasing odds of Donald Trumpโ€™s potential return to the U.S. presidential race, some investors view Bitcoin as a hedge, driving demand.
    • Options Market Trends: The options market is showing strong activity, with traders betting on a potential BTC peak by November. Significant open interest is at the $75,000 strike for options expiring on November 8, suggesting high expectations for new highs.

    Bitcoin Today: Breaking Through $71k

    Bitcoin has risen to $71,013.42, gaining 4.94%, driven by a sharp increase in trading activity, which has pushed daily volume up by 148.71%. BTC hit a 24-hour high of $71,475.47 as whales and investors alike fueled its upward momentum. With whales adding over $355 million in BTC and short sellers facing $143 million in liquidations, Bitcoin is well-supported by strong bullish sentiment.

    Curious about where BTC is heading next? Read our Bitcoin Price Prediction for insights!

    Altcoin Highlights: Ethereum and Solana Climb Higher

    Ethereum saw a solid gain of 5.52%, climbing to $2,618.27, while Solana rose 3.74% to $181.46. XRP also gained 2.15%, bringing it to $0.5236. As the broader market outlook remains optimistic, altcoin enthusiasts are watching these assets for continued momentum.

    Interested in Ethereumโ€™s 2024 outlook? Our Ethereum Price Prediction has all the answers!

    Meme Coin Movers: Dogecoin Leads the Charge

    Dogecoin surged by 15.06%, with Bitcoin SV and Popcat also making notable gains of 15.60% and 15.19%, respectively. On the downside, Mantra, Raydium, and Celestia saw slight declines of 2.57%, 1.79%, and 0.68%.

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