Since the beginning of November and the U.S. elections, billions have been invested in crypto ETFs, prompting Wall Street to pay attention to Bitcoin’s multi-day advance to consecutive new highs
Bitcoin investors traded $1 billion of BlackRock’s IBIT fund within the first 25 minutes of U.S. market trading, continuing a BTC-led trend that has incentivized the deployment of retail and institutional capital.
Bitcoin experienced its most significant weekly and single-day gains in its 15-year history on Tuesday, Nov. 12, following the astonishing figures of Monday, Nov. 11.
This month, the inflows to U.S. spot BTC exchange-traded funds surpassed $1 billion for the second time. By mid-November, the spot BTC ETF group on Wall Street had amassed $90 billion in assets, approximately 10 months after trading commenced.
Bitcoin’s value of $20,000 was attained after nine years. BTC has reached an all-time peak of $89,864 after adding an additional $20,000 in the past seven days, a nearly 24% increase. Despite the fact that some long-term holders recorded profits, the token appeared to be on the brink of a run toward $90,000.
Bitcoin stimulates the cryptocurrency market
Following the U.S. general elections, the crypto market experienced a surge in enthusiasm. It appears that the reputational risks associated with digital assets have been mitigated by the victory of a group of pro-BTC and crypto-friendly politicians, including President-elect Donald Trump.
Alongside Bitcoin’s explosive rally, the entire crypto market experienced a surge. At press time, the total crypto market cap was $3.04 trillion, surpassing the previous high point in 2021, according to data.
BTC was responsible for the majority of the approximately $600 billion in new capital inflows into cryptocurrencies, with altcoins occupying a secondary position.
In the past week, the prices of major altcoins, including Ethereum, Solana, and meme leaders like Dogecoin, have increased by double to triple digits.
However, Altcoin demand was still in its infancy during this bull run, according to experts such as Thomas Perfumo, Kraken’s chief of strategy.
According to comments shared with crypto.news via email, Perfumo posited that the familiar patterns will be exacerbated by the entry of younger investors into the crypto space, the passage of supportive legislation such as Senator Cynthia Lummis’s BTC reserve bill, and the general growth of the blockchain industry.