🚀Why is the crypto market up today? Will the US elections lead to more gains?
The cryptocurrency market is on fire, rising 2% in the past 24 hours with the total market cap now at $2.28 trillion! Bitcoin (BTC) has surged to $63,361, sending altcoins flying in its wake and shaking the market. So what’s driving this incredible pump?
🐋 Demand for whales is rising again
US spot bitcoin ETFs saw a massive $348 million inflow, led by BlackRock adding $140.7 million to its holdings. As whales bought bitcoin, the supply on exchanges was reduced by 10,000 bitcoins, tightening the market and pushing prices higher.
📈 Bitcoin Technical Rebound
Cryptocurrency analyst Benjamin Coon asserts that Bitcoin has reclaimed critical support levels, forming a bullish fractal pattern. A rise above $66,000 could trigger a FOMO frenzy, which could push Bitcoin to new highs and ignite a major crypto bull run.
🔥 Fourth Quarter Rise
Historically, Q4 has been a strong period for Bitcoin. After the bounce from $59,000 to $63,000, market fear has eased, with the Fear and Greed Index rising to 49%. The US elections in a few weeks could add fuel to the bullish fire, boosting historically strong market sentiment.
The crypto market is heating up, and with whales, technical indicators, and historical patterns all pointing up, the future looks bright! Keep an eye on the charts as we approach the US election – it could bring more explosive gains!
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