Bitcoin Tops $73K With Record Trading Volume—Is There More to Come? 

Bitcoin’s price zipped past $73,500 Tuesday as afternoon momentum pushed it even higher.

Crypto Market Heats Up as Bitcoin Dominates

The crypto star kept up its pace on Oct. 29, reaching $73,600 on Bitstamp by 3 p.m. EDT. With this lift, bitcoin’s market cap stands tall at $1.44 trillion, accounting for more than 58% of the crypto economy’s $2.46 trillion total. Bitcoin’s 24-hour trading volume is blazing at $65.38 billion, out of the entire crypto market’s $113 billion.

Today, USDT, USD, FDUSD, USDC, KRW, and EUR lead the pack as the most active BTC trading pairs. According to coingecko.com stats, Binance and Coinbase top the list of exchanges for bitcoin trading. Futures are in full swing, too; coinglass.com reports open interest soaring to $44.15 billion. QCP Capital attributes bitcoin’s gains to a mix of factors, notably strong inflows into spot ETFs, which pulled in close to $1 billion last week.

Adding a new twist, QCP analysts revealed that Emory University recently invested $15 million in the Grayscale Bitcoin Mini Trust. This marks the first known university endowment dipping into digital assets, signaling growing interest from traditionally conservative funds. The Singapore-based firm also pointed out that heightened chances of a Trump win are helping both stocks and bitcoin.

QCP sees bitcoin poised to benefit over the medium term compared to equities, anticipating that a Trump administration’s fiscal policies might widen deficits and raise inflation, potentially prompting the Fed to consider rate cuts in 2025.

As election-related volatility climbs to 64%, QCP notes the potential for further increases. Although call skew has slightly softened with bitcoin steady above $70,000, the analysts remarked that perpetual open interest across exchanges is at an annual peak, showing traders’ solid positions for future gains. At press time at 4:10 p.m. Eastern Time on Oct. 29, BTC is exchanging hands for $72,428 after a slight drop from the day’s height. #Write2Earn