Altcoins
Cryptocurrency Prices Today: Bitcoin Jumps 3%; Altcoins XRP, Etherium, and More Jump Up to 11%. Here’s Why
Bitcoin Bitcoin (BTC) prices surged over 3% on Wednesday and were trading at $65,758 around 12 pm India time. BTC has seen strong traction among investors amid higher inflows coupled with positive sentiments since an assassination attempt on the US presidential candidate Donald Trumpwith the chances of the former president winning the upcoming election skyrocketing. Gains over the past seven days have now increased by over 11% for BTC.
Major altcoins also benefited from BTC’s rise. Etherium (ETH), BNB, Tether, BNB, XRP (11%), Dogecoin, Cardano, Tron, Avalanche and Shiba Inu gained up to 11% during this period. Meanwhile, Toncoin was among the losers, down more than 1%.
Source: CoinMarketCap
Bitcoin continues its upward trajectory, currently trading at around $65,000, as investors take advantage of the dip with increased inflows into Bitcoin spot ETFs in the United States, said Edul Patel, CEO of Mudrex.
On Monday, net inflows into these ETFs surpassed $16 billion and market bulls are now targeting the $71,500 level, he said. “A decisive move above the $66,500 resistance could trigger further bullish momentum. The next critical resistance lies at $67,200, with support established at $64,250,” Patel said.
Despite Mt Gox’s decision to move 91,755 BTC worth $5.8 billion, BTC hovered above the $65,000 mark, remaining unaffected by the development.
Spot Bitcoin ETFs have now attracted more than $16 billion in inflows since their launch in January, with $300 million added earlier this week alone, CoinSwitch Markets Desk noted. The funds, led by BlackRock’s iShares Bitcoin Trust and Fidelity’s Wise Origin Bitcoin Fund, have seen consistent inflows even as Bitcoin prices have fluctuated, indicating strong investor demand for regulated exposure to Bitcoin, the note said.
The best mover of the day remained Worldcoin’s WLD (+20%) as the long bear run for the Sam Altman-linked token came to an end.
“It’s good to see such liquidity in BTC, it has helped build confidence among market participants. We are in the maturation phase of the Bitcoin market. It is going through a cycle where we can see how it reacts to major sell-off events. It has proven to be doing well so far,” remarked Nischal Shetty, Co-Founder of Shardeum.
(Disclaimer: The recommendations, suggestions, views and opinions given by the experts are their own. They do not represent the views of The Economic Times)
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