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In the past 24 hours, the cryptocurrency market has observed a notable rise, with the total market capitalization reaching $2.5 trillion. This strong performance has highlighted major crypto assets, and Bitcoin’s ascent has created a positive atmosphere throughout the market.
Bitcoin Continues to Rise for 12 Hours
Bitcoin 
$103,022 is currently trading above $72,000, approaching its all-time high. A continuous upward trend in Bitcoin’s price was observed over a span of 12 hours. This movement brings Bitcoin one step closer to its peak level expected in June 2024, prompting considerations among traders about the possibility of reaching a new high.
U.S. Elections and the Crypto Market
The upcoming U.S. presidential elections have increased interest in cryptocurrencies. Reports indicate that both main candidates have a positive outlook on digital assets. Notably, Donald Trump’s campaign views the crypto industry as part of economic growth, proposing tax exemptions and incentives for tokens developed in the U.S.
Increase in Stock and ETF Investments
Investment interest in stocks and ETFs has also shown significant growth. According to SoSo Value data, the trading volume of Bitcoin spot ETFs has surpassed $5 billion, while BlackRock’s IBIT product reached a volume of $3.3 billion. Research by Kaiko has noted strong capital inflows into the BTC perpetual futures market.
Bitcoin open positions have returned to the $16 billion level seen in August, although funding rates remain below March peaks. This indicates that traders are cautious in their bullish expectations. Over $113 million in liquidations occurred in Bitcoin over the last 24 hours, primarily from short positions.
Traders Make New Purchases
According to VanEck’s research, new Bitcoin buyers are entering the market daily, suggesting strong momentum and an upward trend. The influence of the U.S. elections and robust interest from traders is steering Bitcoin and the crypto market positively. Future regulatory changes and market dynamics will be key determinants of price movements.
The cryptocurrency market continues to develop interwoven with global economic factors. It is crucial for traders to closely monitor market trends and regulatory shifts to make informed decisions.
