Why is the cryptocurrency market rising today? Will there be more to gain from the 2024 US election?
The altcoin industry experienced a knee-jerk reaction after Bitcoin (BTC) price surged to a range high of around $63,361 on Friday.
The significant rally in cryptocurrencies over the past 24 hours has not resulted in significant liquidations. Additionally, more cryptocurrency traders expected volatility to increase over the weekend after Bitcoin prices fell below $59,000 for the first time in three weeks.
After several consecutive days of losses, the U.S. spot Bitcoin ETF had a net cash inflow of more than $348 million on Friday. BlackRock's IBIT had the highest cash inflow on Friday at about $140.7 million, followed by Fidelity's FBTC at about $117 million.
Meanwhile, the spot ether ETF issuer recorded a net cash inflow of around $2 million on Friday. As a result, the net supply of Bitcoin on cryptocurrency exchanges has decreased by approximately 10,000 coins over the past week, while the supply of Ethereum has decreased by approximately 24,600 coins over the past 24 hours.
Bitcoin price has reclaimed key support levels after a recent rally. From a technical perspective, Bitcoin price has formed a similar fractal pattern to the bull market breakout in the second half of last year.
A sustained rally above $66,000 will trigger a return of FOMO traders, helping to push Bitcoin prices to all-time highs.
This situation will affect the entire altcoin industry, causing the cryptocurrency to surge in the coming months.
Bullish sentiment is gradually picking up in October and Bitcoin price is expected to continue its upward trend in the near future.
Additionally, the U.S. 2024 election is set to take place in about three weeks, which historical data shows has fueled bullish sentiment.
Additionally, gold and major stock indexes have been leading bullish breakouts recently.
