⚡️ Bitcoin leads the rise, market share hits a new high!
⚡️ Crypto market ushers in "Uptober" carnival, is L1 token recovery in sight?
QCP Weekly Highlights: Bitcoin leads the crypto market, market share hits a new high to help L1 recover
BTC rises strongly, approaching the 70K mark
This week, the cryptocurrency market ushered in an exciting wave of market conditions. The weekly report released by QCP shows that BTC rose 10.48% this week, breaking through the high of $69,000 in one fell swoop, and the psychological barrier of $70,000 is within reach.
At the macro level, there will be no major data resistance in the market next week, providing a good external environment for BTC to rise further.
ETF continues to inflow, institutional demand is strong
The ETF market also has good news. This week, the inflow of BTC ETF reached a considerable $203.3 million, and it has been showing a net inflow trend for 6 consecutive days.
This data shows that institutional demand for BTC remains strong. With the US SEC approving the listing of Bitcoin ETF options on the New York Stock Exchange, the liquidity of the ETF market will be further enhanced, which is expected to attract more sustainable capital inflows.
Bitcoin market share hits a new high, and L1 tokens are expected to recover
It is worth noting that Bitcoin's market share reached a multi-year high of 58% this week, a level last seen in April 2021.
As Bitcoin's market share approaches the key resistance level of 60%, we have reason to believe that this will lay a solid foundation for a strong recovery of the first-layer blockchain (L1) token.
Risk appetite is rising, supporting the "Uptober" rebound
At the macro level, the US stock market is close to its historical high, the yen continues to weaken, and the approaching US election has further enhanced the market's risk appetite.
This trend will drive risk assets up and provide strong support for the "Uptober" rebound narrative.
In summary, the cryptocurrency market performed well this week, led by Bitcoin. The continued inflow of the ETF market, the new high of Bitcoin's market share, and the warming of risk appetite have all provided strong support for the further rise of the market.
Please follow @0x YU小鱼 , more high-quality content will be updated from time to time in the future
