On Tuesday, Bitcoin’s value surged past the $73,500 mark, propelled by strong momentum in the afternoon trading session.
**Crypto Market Sizzles as Bitcoin Takes the Lead**
The leading cryptocurrency maintained its upward trajectory on October 29, reaching a high of $73,600 on Bitstamp by 3 p.m. EDT. This remarkable climb elevates Bitcoin’s market capitalization to an impressive $1.44 trillion, representing over 58% of the total cryptocurrency market, which is valued at $2.46 trillion. Bitcoin’s trading volume over the last 24 hours is robust, hitting $65.38 billion out of the total $113 billion traded across the crypto market.
Today, the most actively traded Bitcoin pairs include USDT, USD, FDUSD, USDC, KRW, and EUR. According to statistics from coingecko.com, Binance and Coinbase are leading platforms for Bitcoin transactions. Futures trading is also thriving, with coinglass.com reporting open interest soaring to $44.15 billion. Analysts at QCP Capital attribute Bitcoin’s price increase to a combination of factors, particularly a significant influx into spot ETFs, which attracted nearly $1 billion last week.
In an intriguing development, QCP analysts disclosed that Emory University has made a $15 million investment in the Grayscale Bitcoin Mini Trust. This marks a significant milestone as it is the first known instance of a university endowment entering the digital asset space, reflecting a growing interest from traditionally cautious funds. The Singapore-based firm also highlighted that heightened prospects of a Trump electoral victory are buoying both the stock market and Bitcoin.
QCP anticipates that Bitcoin will outperform equities in the medium term, predicting that fiscal policies under a Trump administration could lead to larger deficits and increased inflation. This scenario may prompt the Federal Reserve to contemplate interest rate cuts in 2025.
With election-related volatility reaching 64%, QCP indicates that the potential for further increases remains strong. Although the call skew has eased slightly with Bitcoin stabilizing above $70,000, analysts noted that perpetual open interest across exchanges is at its highest annual level, indicating traders are positioning themselves for future gains. At the time of writing, at 4:10 p.m. Eastern Time on October 29, Bitcoin is trading at $72,428, following a slight retreat from its earlier peak.
