Cryptocurrency Market Update: The cryptocurrency industry continued its upward trend, with its market capitalization increasing by 2.25% in 24 hours to $2.28 trillion. Positive sentiment pushed the Fear & Greed Index reading to a neutral score of 56. As a result, trading volumes surged by 56.06%, bringing the 24-hour trading volume to $90.7 billion.
Bitcoin breaks $65K: Inflows surge as rally continues
Bitcoin price has breached the psychological $65,000 mark and is trading at $65,231.76 following a 2.15% gain in the previous 24 hours. The momentum was driven by massive inflows into Bitcoin ETFs, which totaled $555.86 million as of Oct. 14. Analysts are keeping a close eye on Bitcoin as it maintains strong support and trading volumes are rising, with volumes up 71.99% in the past day.
Ethereum ETFs gain attention
Ethereum also followed suit, rising 2.53% to $2,589.32. The largest altcoin has attracted interest from institutional investors, with Ethereum ETFs reporting inflows of over $17 million. Ethereum’s growing presence in the ETF space could indicate growing institutional confidence in altcoins.
Altcoin market trends:
Solana’s price continued its steady climb, surging 2.17% to $154.50, while XRP saw a small gain of 1.27% to its current price of $0.5434. Amid the recent controversy surrounding allegations of insider token sales, Sui’s price change was -2.68% to $2.19.
The biggest gainers and losers:
Top gainers included BOME and MEW, both up 17.89%, and Bitcoin Cash (BCH), up 13.59% to $370.50. Conversely, Bittensor (TAO) fell 4.70%, while Sei dropped 2.92%.
Stay tuned for more updates as the market continues to evolve as investor participation increases and ETF investing continues to grow.
