Crypto News Today: What’s Driving Bitcoin and Ethereum Price Rally?
The post Crypto News Today: What’s Driving Bitcoin and Ethereum Price Rally? appeared first on Coinpedia Fintech News
Led by Bitcoin (BTC) and Ethereum (ETH), the total cryptocurrency market cap rallied around 2 percent in the past 34 hours to hover about $2.3 trillion on Wednesday.
In the last 24 hours, the sudden crypto pump resulted in more than $111 million liquidated, mostly involving short traders.
Bitcoin price rallied over 2 percent in the past 23 4 hours to reach a range high of about $64,750. Despite the flagship coin facing a significant resistance level of around $64, the instrument closed Tuesday above the 200-day Moving Average (MA), thus signaling the reemergence of bullish sentiment.
On the other hand, Ethereum’s price against the US dollar continues to lag, with the daily death cross between the 50 and 200 MAs weighing heavily on the bullish sentiment.
Bitcoin Remains more Popular Among Institutional Investors than Ethereum
The approval of the spot Bitcoin ETFs and Spot Ether ETFs in the United States has painted a clear contrast in the demand for the two commodities from institutional investors. In the past two weeks, the US spot Bitcoin ETFs registered a net cash inflow of about $800 million. On Tuesday, the US spot Bitcoin ETFs registered a net cash inflow of about $135 million, led by BlackRock’s IBIT, Fidelity’s FBTC, and Bitwise BITB.
As a result, the Spot BTC ETF issuers absorbed the selling pressure from Bitcoin miners, selling coins worth over $16 million in the past two days.
On the other hand, the US spot Ether ETFs have been bleeding in the past seven weeks despite some single days of notable cash inflows. For instance, the US spot Ether ETFs registered a net cash inflow of about $62 million on Tuesday, led by BlackRock’s ETHA.
Market Expectations
As the bearish third quarter ends in less than 10 days, the crypto industry will usher in a new era of bullish sentiment in the fourth quarter, expected to continue until 2025. With the ongoing economic shift, accelerated by the Fed’s and China’s interest rates, the ongoing crypto bullish outlook will significantly increase in the fourth quarter.
However, the altcoin market will likely outshine Bitcoin as the latter’s market dominance signals an inevitable reversal in the near term.
