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Over $750 billion inflows crypto market in October; Bitcoin holds above $65k

Over $750 billion inflows crypto market in October; Bitcoin holds above $65k
Jordan
Major
1 month ago
4 mins read

After rising from $1.914 trillion on October 1 to $2.669 trillion on October 21, 2021, the cryptocurrency market has witnessed an influx of over $750 billion in only 21 days. 

Experts anticipate further upside in the market as Bitcoin (BTC) maintains a price above $65,000 after hitting a new all-time high on October 20, 2021, as the asset skyrocketed on the second day of trading of the highly anticipated ProShares Bitcoin Strategy exchange-traded fund (ETF).

Cryptocurrency market capitalisation chart. Last 30 days. CoinMarketCap.com data.

Currently, the flagship digital cryptocurrency is trading above $65,948 after breaking past the $64,800 milestone that it had set on April 14, up 1.87% in the last 24 hours and 13.24% over the previous seven days, according to CoinMarketCap.com.

Bitcoin 7 day price chart: Source: CoinMarketCap.com

In particular, several renowned experts think that the current surge marks the beginning of a big bull run that will see Bitcoin and other cryptocurrencies break beyond their previous highs in the last months of 2021, according to the predictions

Bitcoin ETF Trades on NYSE

Meanwhile, one of the most famous price forecast models, developed by pseudonymous Dutch analyst PlanB, predicts that Bitcoin will reach six digits over the next two months; thus far, BTC appears to be following the trajectory.

At the same time, certified technical analyst @crypto_birb broke down the order of what’s going to happen over the next cycle.

Whatsmore, the first Bitcoin futures ETF move has piqued the interest of many; a large number of investors desire access to BTC without having to do any extensive studying into the multitude of custodial alternatives. Bitcoin is not a normal financial product; it is underpinned by sophisticated technology, and its source of value serves as a vehicle for the purest speculation possible.

In contrast, while futures-based ETFs are not the first choice of most investors, the combination of cryptocurrency and ETFs have the potential to create a major impact by bringing a new class of investor to both industries. 

For example, consider that the worldwide ETF sector has $9.4 trillion in assets under management, increasing at a pace of 26% per year, while the market cap of cryptocurrencies is $2.63 trillion. 

As shown by the first day of trading, the U.S. market eagerly anticipated the advent of more convenient ways to purchase digital currency.

Not yet Alt season 

Elsewhere, several major cryptocurrencies, most notably Ethereum (ETH) up 8.32%, Binance Coin (BNB) up 1.77%, and Solana (SOL) 19.37%, have also experienced significant increases in value in the last 24 hours.

Data acquired by Finbold, which was collected earlier this week, shows that as of October 20, 2021, the top three digital currencies by market value accounted for 68.73 % of the crypto market at the time. Surprisingly, just 0.02% of all 12,917 coins control almost 70% of the total market.

Notably, Bitcoin had the largest 47.6% share of the market cap. Ethereum ranked second with a share of 17.93%, whereas BNB took the third spot at 3.2%. 

Apart from that, Shiba Inu, the decentralized meme crypto, is now accessible on the trading app Public.com, according to the firm, which announced the availability on Wednesday. 

The New York-based online brokerage began accepting cryptocurrencies in early October, first supporting Bitcoin, Ethereum, Litecoin, Dogecoin, and several other altcoins, before expanding its support to include additional cryptocurrencies.

Global crypto market

Bitcoin hit fresh all-time highs during the second day of trading for the popular ProShares Bitcoin Strategy ETF on Wednesday, helping push the cryptocurrency market capitalization over the $2.6 trillion mark.

However, now the global crypto market cap stands at $2.63 trillion, representing a 4.06% gain over the previous day. Furthermore, the overall market volume over the past 24 hours has increased to $120.51 billion, representing an enormous 36.10% increase.

Whatsmore, the entire volume in DeFi is now $14.66 billion, accounting for 12.17% of the total 24-hour volume in the market. In contrast, the overall volume of all stable currencies is currently $92.37 billion, corresponding to 76.65% of the entire 24-hour volume of the cryptocurrency market.

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Jordan Major
Author

Jordan is an investor and market analyst. He's passionate about stocks, ETFs, blockchain, and digital assets. At Finbold.com, he delves into the technicalities to obtain future trends for new market traders and gives insights into user-friendly platforms for beginners.

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