Bitcoin Hits a New Maximum: What Happened to Other Cryptocurrency Prices?
Bitcoin reached a new all-time high, igniting excitement and speculation within the cryptocurrency market.
Bitcoin has reached a new all-time high, igniting excitement and speculation within the cryptocurrency market. This increase reflects growing interest from institutional and retail investors, who see Bitcoin as a viable option for preserving value in times of economic uncertainty. Analysts attribute this renewed momentum to several factors, including concerns about inflation, increased regulatory clarity and growing adoption by global financial institutions.
One of the most significant influences is the perception of Bitcoin as 'digital gold'. Investors increasingly see it as a protection against inflation, especially in a context of expansive monetary policies by central banks. In times of economic instability, Bitcoin's limited availability (21 million coins) makes it an attractive choice for those seeking to preserve value. This scarcity factor, combined with growing demand, has pushed prices up.
On the night of 8 November, the Bitcoin (BTC) rate reached $76,850. The price of the first cryptocurrency hit a new record, surpassing the previous high ($76.4 thousand on Binance) by about $450.
Bitcoin's value started rising from $68 thousand on 5 November, the day of the US presidential election. In the past three days, BTC has increased its price by 11.7 per cent. At 11 a.m. on 8 November, Bitcoin's price was around $76 thousand.
The index of fear and greed in the crypto market fell overnight from 77 to 75 points out of 100. It indicates that investor sentiment is on the borderline between "greed" and "extreme greed".
Bitcoin - Spaziocrypto
Net inflows into BlackRock's iShares Bitcoin Trust spot ETF for November 7 hit a record $1.12 billion. Total inflows into US bitcoin ETFs were $1.38 billion, the highest since their launch in January.
The daily net inflows reflect supply and demand for the ETF shares. A positive value indicates that demand exceeded supply on the day, leading issuers to buy bitcoin for that value.
Total cryptocurrency capitalisation rose 0.8 per cent on the day to $2.69 trillion. Trading volume was $166 billion. Bitcoin's market share on the morning of 7 November was 59.76%.
Bitcoin Reaches New Maximums: How Are Other Cryptocurrencies Responding?
Ethereum's (ETH) exchange rate in the past 24 hours increased 3.6% to $2.92K. At the end of 7 November, net inflows into Ethereum ETFs were $79.7 million. In total, investors invested $8.08 billion in exchange-traded funds on altcoin in the US.
Other cryptocurrencies in the top 10 by capitalisation showed daily gains, with the exception of Ripple's XRP (XRP), which fell 0.9 per cent. Cardano (ADA) saw the largest increase in value, rising 17.1 per cent.
Among the top 100 cryptocurrencies, as of 11 a.m., the US exchange Cronos (CRO) was up the most, rising 20.8 per cent. Ethena (ENA) was the one that lost the most, falling 9.6%.
Ethena - Spaziocrypto
Bitcoin's price rise has generated a positive boost in the entire cryptocurrency market, with other major currencies, such as Ethereum, posting gains.
Keep up to date with all that is happening in the Web3 and cryptocurrency world: subscribe now to the SpazioCrypto Newsletter and receive the most relevant news in your inbox, every Sunday.
Bitcoin has reached a new all-time high, igniting excitement and speculation within the cryptocurrency market. This increase reflects growing interest from institutional and retail investors, who see Bitcoin as a viable option for preserving value in times of economic uncertainty. Analysts attribute this renewed momentum to several factors, including concerns about inflation, increased regulatory clarity and growing adoption by global financial institutions.
One of the most significant influences is the perception of Bitcoin as 'digital gold'. Investors increasingly see it as a protection against inflation, especially in a context of expansive monetary policies by central banks. In times of economic instability, Bitcoin's limited availability (21 million coins) makes it an attractive choice for those seeking to preserve value. This scarcity factor, combined with growing demand, has pushed prices up.
On the night of 8 November, the Bitcoin (BTC) rate reached $76,850. The price of the first cryptocurrency hit a new record, surpassing the previous high ($76.4 thousand on Binance) by about $450.
Bitcoin's value started rising from $68 thousand on 5 November, the day of the US presidential election. In the past three days, BTC has increased its price by 11.7 per cent. At 11 a.m. on 8 November, Bitcoin's price was around $76 thousand.
The index of fear and greed in the crypto market fell overnight from 77 to 75 points out of 100. It indicates that investor sentiment is on the borderline between "greed" and "extreme greed".
Net inflows into BlackRock's iShares Bitcoin Trust spot ETF for November 7 hit a record $1.12 billion. Total inflows into US bitcoin ETFs were $1.38 billion, the highest since their launch in January.
The daily net inflows reflect supply and demand for the ETF shares. A positive value indicates that demand exceeded supply on the day, leading issuers to buy bitcoin for that value.
Total cryptocurrency capitalisation rose 0.8 per cent on the day to $2.69 trillion. Trading volume was $166 billion. Bitcoin's market share on the morning of 7 November was 59.76%.
Bitcoin Reaches New Maximums: How Are Other Cryptocurrencies Responding?
Ethereum's (ETH) exchange rate in the past 24 hours increased 3.6% to $2.92K. At the end of 7 November, net inflows into Ethereum ETFs were $79.7 million. In total, investors invested $8.08 billion in exchange-traded funds on altcoin in the US.
Other cryptocurrencies in the top 10 by capitalisation showed daily gains, with the exception of Ripple's XRP (XRP), which fell 0.9 per cent. Cardano (ADA) saw the largest increase in value, rising 17.1 per cent.
Among the top 100 cryptocurrencies, as of 11 a.m., the US exchange Cronos (CRO) was up the most, rising 20.8 per cent. Ethena (ENA) was the one that lost the most, falling 9.6%.
Bitcoin's price rise has generated a positive boost in the entire cryptocurrency market, with other major currencies, such as Ethereum, posting gains.
Keep up to date with all that is happening in the Web3 and cryptocurrency world: subscribe now to the SpazioCrypto Newsletter and receive the most relevant news in your inbox, every Sunday.
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