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Why Is the Crypto Market Up Today?

Andras Crow-Hreidar by Andras Crow-Hreidar
October 19, 2024
in Crypto, News
Reading Time: 2 mins read
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The global cryptocurrency market is witnessing a notable upswing today, recording a 1.31% increase in market capitalization, which now totals an impressive $2.33 trillion. Despite this surge, the market sentiment remains relatively stable, as reflected by the Fear & Greed Index’s current position at 58, indicating a neutral sentiment among investors. Bitcoin’s dominance in the market has strengthened to 57.7%, underscoring its enduring influence, while Ethereum maintains a stable hold at 13.6%. These positive trends suggest that the long-anticipated ‘Uptober’ could potentially become a reality this month.

The recent upward trajectory in Bitcoin and the broader crypto market is being fueled by a growing institutional interest, notably in the area of Exchange-Traded Funds (ETFs). A key development in this space is highlighted by Samara Cohen, Chief Investment Officer at BlackRock, who pointed out the increasing interest from investors, with a significant 80% of spot Bitcoin ETF buyers being direct investors. This interest is reflected in the recent inflows into these ETFs, which surged to $274 million on October 18, marking an impressive six-day streak of positive gains. Among the key players driving this trend are ARK Invest and BlackRock, together contributing a substantial $180 million.

Bitcoin Price Holds Steady Above $68k

blockdag 70m

Currently, Bitcoin (BTC) is demonstrating resilience with its price standing firm at $68,392.25, marking an increase of 0.93% over the past 24 hours. This positive momentum is largely attributed to the sustained inflows into spot Bitcoin ETFs. Market analysts remain optimistic about Bitcoin’s potential for further growth, especially as the inflows into ETFs continue to rise. Curious if Bitcoin could reach the $100k mark this year? Explore our Bitcoin Price Prediction for in-depth insights!

Altcoins Prices Today: Ethereum and Solana Show Growth

In the altcoin space, Ethereum (ETH) is currently trading at $2,646.11, reflecting a 1.13% uptick, while Solana (SOL) has seen a rise of 1.34%, reaching a price of $154.61. Additionally, XRP (XRP) has experienced a moderate gain of 0.60%, with its current price at $0.5465. Interested in the long-term prospects for Ethereum? Discover our comprehensive Ethereum Price Prediction for more details.

Top Gainers: AXS and SAND Lead with Double-Digit Growth

Among the top-performing cryptocurrencies, AXS has emerged as a standout, with its price soaring by 15.32% to $5.34, making it the leading gainer among the top 100 cryptocurrencies. Following closely is SAND, which has risen by 13.51%, now priced at $0.2945.

Top Losers: BCH and OM Post Declines

On the other hand, not all cryptocurrencies are experiencing gains. Bitcoin Cash (BCH) has seen a decline of 1.73%, with its price currently at $365.25. Similarly, OM’s price has decreased by 1.21%, now standing at $1.53.

For those eager to stay informed with the latest updates in the cryptocurrency industry, consider subscribing to our daily newsletters. Stay ahead of the curve with the freshest insights and trends in the digital currency world.

Tags: BitcoinCrypto news
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Andras Crow-Hreidar

Andras Crow-Hreidar

Hi there, my name is András and I'm a business and finance journalist living in Norway. My passion lies in uncovering the latest stories in the world of finance and delivering them to my readers in a way that's clear and engaging. I cover a wide range of topics in the finance world, including cryptocurrencies, which I believe have the potential to transform the way we interact with money and financial systems.As a journalist, I'm committed to providing my readers with accurate and reliable reporting. I believe that access to high-quality information is essential for making informed decisions, whether it's about personal finances or investments. When I'm not writing about finance, I enjoy a variety of hobbies and interests.

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