Bitcoin’s price hit $73,000 again, a significant attainment because it hasn’t reached this level in over four months.
The daily trading volume (the amount of Bitcoin traded in a single day) also saw a big increase—up by about 135% from the previous day, based on CoinMarketCap data. These figures signal a renewed interest and activity around Bitcoin.
Factors Behind the New Record
This is the second time in history that Bitcoin has reached $73,000. Earlier this year, Bitcoin set a new all-time high at this level. The current surge in its price is believed to be influenced by consistent investments into Bitcoin ETFs (exchange-traded funds), which have been popular throughout October.
Spot Bitcoin ETFs in the United States (ETFs that directly hold Bitcoin rather than derivatives) recorded a net inflow—a measure of how much money investors put into these funds— $402.08M in just one day. In total, these ETFs have had positive inflow (investments coming in) for 15 days in October, with more than $3 billion being added to 12 Bitcoin ETFs.
Read Also: Tesla still owns $780M in Bitcoin despite recent transfers: Arkham Data
The steady inflow of funds into Bitcoin ETFs has helped keep Bitcoin’s price relatively stable in recent weeks. While Bitcoin gained 6% overall in October, it briefly dropped to $65,000 after reports surfaced that Tether, a major stablecoin provider, was under federal investigation.
However, Bitcoin’s price quickly recovered when Tether’s CEO refuted the allegations, and the token continued its upward trend, eventually reaching $70,000.
Bitcoin’s share of the total cryptocurrency market has been increasing, reaching 59% in October (a 3.45% rise from the previous month).
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