If the current trajectory of the crypto market stays on track, Bitcoin is set to end the month with positive returns, although multiple crypto indicators are in focus.
Bulls in the crypto market have successfully defended Bitcoin’s price action above $65,000. It has led to better crypto sentiments and BTC zooming past $68,000. With the present crypto indicators also holding positive signals, other tokens could also post gains in the next few days. In October, BTC rallied by around 3%, which set an optimistic foundation for the next month.
Crypto sentiments among investors and experts are still mixed, but the absence of a price dip has renewed expectations. The present month has been volatile globally in terms of geopolitical tensions and macroeconomic trends. However, crypto has one positive sphere among other investment assets.
Meanwhile, the spot Bitcoin ETFs in the US are at the cusp of holding over 1 million BTC. The ETFs currently hold a little over 976,000 BTC, worth above $66 billion. This number corresponds to about 5% of BTC’s overall market cap. Moreover, the ETFs have captured this share in less than a year, which indicates their potential for exponential growth. The last two weeks have been particularly robust in terms of inflows for the spot ETFs.
Several other crypto tokens and altcoins have also followed BTC’s cue to post gains in the last 24 hours.
BTC/USD 1D price chart
Bitcoin is currently trading at around $68,300 on October 28, 2024, with BTC/USD trading higher by a margin of around 1.7% in the last 24 hours. Bitcoin’s market cap was trading at around $1.3 trillion in the last 24 hours.
BTC/USD is higher than its 20-day EMA (around 64,000), as BTC’s 24-hour volume was at approximately $21 billion. The global crypto market cap increased by around 1.4 %, trading above $2.3 trillion. BTC’s year-to-date returns are above 62%.
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