Welcome to Extreme Investor Network, where we provide you with unique and valuable information to help you navigate the exciting world of the stock market and trading. Today, we take a closer look at the current trends in the crypto market.
Bitcoin, the first cryptocurrency, has seen a gain of around 5%, closely following the market movement. Ethereum, Dogecoin, and Bitcoin Cash have also experienced significant rises, with Dogecoin jumping 16% and Bitcoin Cash rising 10%. Despite trading below its all-time high, Bitcoin is currently priced close to $71K, less than 4% below its peak. Interestingly, BTCUSD has spent less than 72 hours above its current level, indicating potential for further growth.
From a technical perspective, Bitcoin has shown several bullish signals, including the ‘golden cross’ on October 27th and breaking above previous highs to enter a Fibonacci extension pattern. These indicators suggest a positive outlook for Bitcoin in the near future.
In Crypto News, CoinShares reports that global crypto fund investments increased by $901 million last week, following significant inflows the week before. Bitcoin saw an increase of $920 million in investments, while Solana gained $11 million and Ethereum saw a decrease of $35 million. Additionally, multi-asset crypto funds saw an increase of $2 million in investments.
Spot Bitcoin ETFs have acquired nearly 977,000 BTC, equivalent to $67 billion, representing nearly 5% of available issuance. The ETF Store predicts that with such accumulation rates, a repeat of Bitcoin’s record highs is inevitable, highlighting the growing interest and confidence in the cryptocurrency market.
Furthermore, the Ethereum to Bitcoin exchange rate has hit a 3.5-year low, with Ethereum falling 30.5% against Bitcoin since the beginning of the year. This shift in exchange rates could signal changes in the dynamics between the two leading cryptocurrencies.
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