In the wee hours of the day, the cryptocurrency king, Bitcoin (BTC), momentarily grazed a fresh all-time high of $89,467, inching ever closer to the $2 Trillion market cap milestone. At the time of writing, BTC is trading at $88,703.95, reflecting a 10.10% increase in the past 24 hours. This steady rise has effectively driven BTC’s market cap to $1.75 Trillion. The 24-hour market volume has also soared by 41.65% to a whopping $116.47 Billion.
From a technical perspective, Oscillators suggest a ‘Buy’ Action, while Moving Averages hint at a ‘Strong Buy’ Action. Market analysts had previously identified a psychological resistance range between $82,000 to $85,000. However, Bitcoin has managed to break through this barrier with relative ease.
Interestingly, the current rally took off following the victory of Donald Trump over his US Presidential rival, Kamala Harris, on November 6. The victory seemed to instill a dose of optimism in the crypto industry, leading to an overall positive market trend.
CoinShares’ latest Digital Asset Fund Flows report offers some valuable insights into this rally. The report reveals that the inflows associated with the crypto market rally have catapulted the total assets under management of crypto investment products to a record high of $116 billion.
Bitcoin-focused investment products reportedly saw $1.79 billion of inflows over the past week, while Ethereum-focused products saw inflows of $157 million.
The global cryptocurrency market cap stands at $3.12 Trillion as of today, marking a 6.8% increase in the last 24 hours. The total cryptocurrency trading volume over the last day is valued at $356 Billion. BTC dominance is currently pegged at 56.3%, while Ethereum dominance stands at 13%. The ‘spill-over effect’ of Bitcoin’s surge is evident in Ethereum’s price surge of 5.75% to a current trading price of $3,367.27.
Another noteworthy mention is Solana, which has also experienced growth of 4.94% to a trading price of $221.01. Impressively, SOL has surpassed the $100 Billion market cap figure. The Digital Asset Fund Flows report also noted Solana-focused products seeing an inflow of $3.9 million.
This ongoing rally in the cryptocurrency market highlights the growing acceptance and integration of digital assets in the global economy. As the market continues to evolve, it remains imperative for investors to stay informed and make educated decisions based on reliable market analysis and indicators.
