BTC Hits $7.35K at 04:00 AM On Oct. 30, 2024
Altcoins Showed Weak Upside Against BTC Rise
Experts "BTC, It's Time to Break All High Points"
Bitcoin(BTC) recorded $73,544 at 4 a.m. on Oct. 30, and was on the verge of surpassing the $73,700 high point recorded in March this year.
Bitcoin is analyzed to have soared in anticipation of the success of Bitcoin Spot Exchange Traded Fund(ETF) in the U.S. and the imminent U.S. presidential election.
According to data released by financial data platform Parside Investor on Oct. 30, Bitcoin spot ETFs in the U.S. recorded net inflows from the 11th to the 22nd of this month except for one day. In particular, the net inflow recorded by the U.S. Bitcoin spot ETF in the past week reached $2.67 billion, and the cumulative net inflow reached about $26 billion.
In addition, two leading candidates in the U.S. presidential election less than a week later announced their pledges to support the cryptocurrency industry, reflecting expectations that the new U.S. administration will actively foster the cryptocurrency market.
Altcoins also rose thanks to Bitcoin's rise. However, unlike previous bull markets, altcoins only rose about 3%.
◇Bitcoin = Bitcoin price is $72,111 at 4:30 p.m. on Oct. 30, 2024. The Bitcoin share (dominance) was 59.88%.
Experts expressed their opinion that Bitcoin's breaking high point is only a matter of time.
Bitfinex said in a report on the same day, "As the possibility of Trump's election has increased, the correlation has increased considerably, with Bitcoin prices rising together," adding, "Now that Trump's trade narrative is combined with seasonal favorable factors in which risky assets rise significantly every fourth quarter, it is close to a situation where Bitcoin could explode."
"It is very likely that Bitcoin will break through the high point after the upcoming U.S. presidential election," he said, adding that "there will be an exciting rally as price volatility grows at that time."
◇ Upward Coin = The cryptocurrency that recorded the largest increase from the previous trading day at 4:30 p.m. on Oct. 29 was Mask Network(MASK), up about 6%.
The mask network is a protocol that allows sending encrypted messages on SNS, such as Twitter or Facebook. It aims to serve as a bridgehead in the transition to Web 3.0, and it also provides peer-to-peer(P2P) transmission and decentralized wallet functions.
MASK is a digital asset used in the protocol and is used as a means of governance.
◇Fear Greed Index = The cryptocurrency fear-greed index provided by Alternative has entered the Greed phase with 77 points. The Greed phase is a phase where price volatility and trading volume increase, and the price increases. As it is highly likely to form a short-term high, caution should be taken in selling.
권승원 기자 ksw@blockstreet.co.kr