Bitcoin Price today hit the $70,218 mark for the first time since July 2024. After some time, the price came down to $69,723 just a few numbers behind the $70,000 barrier. On October 5, Presidential elections will be conducted in the US which is seen as one of the major reasons behind the price surge.
The valuation of the entire crypto market increased to $2.31 trillion with $84.6 billion in trade volume over the last 24 hours. The crypto market saw an 86% jump since October 27. Current data from the website Coinmarketdrop indicates that Bitcoin has a monopoly over 59.8% of the cryptocurrency market.
What Can Bitcoin Traders Anticipate in the Current Market?
Apart from Bitcoin, the Crypto Fear and Greed Index from AlternativeMe has a greed sentiment score of 72 out of 100. In South Korea, Upbit is performing similarly to Bitcoin as it stands in the range of $70,000.
Bitcoin futures are also generating significant activity, with open interest (OI) climbing to $40.91 billion. This includes $11.49 billion from CME Group, $8.73 billion from Binance, $6.29 billion from Bybit, and $4.06 billion from Bitget.
Bloomberg reported, “Spot Bitcoin ETFs have attracted approximately $3.1 billion in net inflows this month, a sign of growing institutional investment. Despite regulatory scrutiny over Tether, a major stablecoin, Bitcoin price has demonstrated resilience, up 66% in 2024 alone.”
According to Coinglass, on the derivatives side, activity appears to be cautious as only $168.69 million in positions has been liquidated over the past day. Most of these liquidations have impacted the short positions, totaling $95.81 million—comprising $39.59 million in BTC shorts and $16.76 million in ETH shorts. The $70,000 mark carries a huge psychological weight as BTC is just 5.3% below its all-time high of $73.7K, reached in March 2024.
If Bitcoin’s price manages to break through this range, it will enter a territory of unlimited potential, which will be highly beneficial for Bitcoin traders. As Bitcoin approaches its historic peak, excitement is building in the crypto space.
What’s Ahead for Bitcoin?
Jamie Dimon, CEO of JPMorgan Chase, has always criticized Bitcoin calling it a “fraud” and warning investors about its volatility. However, his recent comments seem positively inclined towards Bitcoin growth. This change reflects a broader trend among institutional investors who now have a positive perception of Bitcoin and view it as an asset.
As per the cryptocurrency analysts, if Bitcoin breaks a key resistance level, it will set the stage for further growth and more price surges. Dimon’s evolving stance could signal a broader acceptance in traditional finance, paving the way for increased investment in the cryptocurrency space. As regulatory frameworks develop and confidence grows, Bitcoin could become a cornerstone of digital assets, attracting both retail and institutional investors.
