However, volatility remains a key factor, making it essential for investors to stay informed about what next for crypto. As of Nov. 13, 2024, Binance Coin has been slightly down by 2.31% in the last 24 hours and up by 11.09% in the previous seven days, maintaining an 81% bullish technical rating. SOL surpassed BNB with a more significant increase, and Binance coin moved to the 5th on the list.
Why Solana Is A Top Crypto To Watch
Advisers have also discovered a large amount of other crypto assets that are illiquid and more difficult to sell due to the impact on the market. BlackRock applied in June to register a bitcoin spot ETF, which is pending approval. The company is the largest provider of ETFs in the world, managing trillions of dollars of assets. A BlackRock bitcoin ETF would give the cryptocurrency a new sense of legitimacy.
Binance Coin (BNB):
Firstly, Bitcoin gained significant traction among mainstream investors, financial institutions, and the general public. Institutional investors, including hedge funds and asset management firms, showed growing interest in Bitcoin, contributing to its legitimacy as a digital asset. Regulation also plays a crucial role in attracting traditional institutional investors into the crypto space. As the regulatory environment becomes more defined and stable, it gives these big players the confidence to enter the market, which, in turn, can answer many "why is BTC up" types of questions.
The influx of new capital is evident by the increase in stablecoin capitalization, although it is still lower than in 2022. The introduction of bitcoin ETFs earlier in the year also significantly impacted the market. ETFs bought over $27 billion worth of BTC, increasing their share to 3.5 percent of all bitcoin. Following the election, ETFs https://coinmarketcap.com/currencies/bitcoin/ made an additional $3.4 billion in purchases, confirming the increased interest of financial institutions in this market. Ryan Lee, chief analyst at Bitget Research, believes key indicators to watch for include funding rates for contracts. “As BTC has risen, there has been significant short liquidation in the derivatives market.
Dogecoin (DOGE)
One of the primary reasons why the crypto market is up today is the anticipation surrounding the upcoming U.S. inflation data, set to be released on Wednesday. Investors believe that favorable Consumer Price Index (CPI) numbers could influence the Federal Reserve’s interest rate decisions, potentially keeping rates steady at the next meeting on January 29. They are traded on exchanges and typically track a specific index or “basket” of stocks, bonds or commodities. They function like stocks, with prices that change throughout the trading day, whereas mutual funds trade https://www.investopedia.com/terms/c/cryptocurrency.asp once a day at a single price.
Why Crypto Market Is Going Up Today: Factors Driving the Price Rally
More broadly, investors are feeling optimistic about another sign that the new-Trump-era SEC will continue to take a more supportive stance on cryptocurrency investment. Contracts for Difference (‘CFDs’) are complex financial products that are traded on margin. Trading CFDs carries a high level of risk since leverage can work both to your advantage and disadvantage. As a result, CFDs may not be suitable for all investors because you may lose all your invested capital. Before deciding to trade, you need to ensure that you understand the risks involved and taking into account your investment objectives and level of experience. Institutional adoption brings more capital into the market, increases liquidity, and lends credibility to cryptocurrencies as a legitimate asset class, which can drive up prices due to increased demand.
- Now, with the application for a Cardano ETF, the firm ispositioning itself to expand its offerings, following similar ETF filings forSolana and XRP.
- The company has acquired 218,887 BTC worth $20.5 billion since Q3 and currently holds 471,107 BTC, approximately 2% of Bitcoin’s total supply.
- You can activate Portfolio Protection at any time to protect your gains and reduce your losses, no matter what industry you invest in.
- The exchange platform (i.e. Binance) acts as a middleman – it connects you (your offer or request) with that other person (the seller or the buyer).
He’s used his day-trading money to go on a cruise with his wife, purchase high-end computer equipment, and regularly host crypto giveaways to his social-media followers. Vic Laranja, a 32-year-old self-taught day trader, was a bit of a late adopter of the meme coin craze, starting to trade on the Solana blockchain in early 2024. They point to their past experience as traders to https://immediate-edge-app.com/ justify taking stakes in meme tokens, which detractors often label "sh-tcoins."
Why crypto is surging back to all-time highs and shrugging off high interest rates
While the SEC’s acknowledgment of the application doesn’t mean Grayscale will be able to move forward with an XRP ETF, it’s a notable development. The SEC has already granted approval for ETFs built around Bitcoin and Ethereum, but it’s previously declined to respond to other crypto-related applications. Cardano has also dominated crypto discussions, with Ethereum and Dogecoin nearly absent from social chatter. Anticipating price https://immediate-edge-app.com/ movements and buying or selling at the right time can be the difference between a good profit and a missed opportunity. So, if you went through a recession wondering, "Why is Bitcoin going up today?", this might be the answer you were looking for.
In 2021, Ethereum’s price experienced a remarkable surge, breaking the $4,000 mark for the first time. Fast-forward to 2024, you can clearly see that 2017 seems nothing compared to the price of Bitcoin this year. This time, one of the answers to the question, "Why is crypto going up?" was the interest in spot Bitcoin ETFs.
When the Federal Reserve started hiking rates to curtail high inflation, the momentum ran out, and bitcoin plunged to $16,000 less than a year after hitting records. High greed levels indicate growing investor confidence, often aligning with market rallies. However, prolonged greed can signal an overheated market, potentially leading to corrections. The Trump victory made those ETFs more popular with large inflows of new investor capital. Then, in 2022, the value of bitcoin, along with other cryptocurrencies such as ethereum, dropped significantly during a period that is known as the crypto winter.
