Over the past 24 hours, Bitcoin, the world’s leading cryptocurrency, has surged nearly 5%, reaching $73,620—its highest level since its all-time high (ATH) in March 2024.
During the night of October 29 and early hours of October 30, Bitcoin sustained its bullish momentum, breaking through key levels of $72,000 and $73,000, peaking temporarily at $73,620. This suggests that Bitcoin is just a small gain away from its ATH of $73,770, last set in March 2024.
Currently, however, Bitcoin’s price has adjusted slightly, hovering around the $72,500 mark. The October 2024 rally has been attributed to various factors, including macroeconomic developments, such as the first rate cut by the U.S. Federal Reserve in four years, economic stimulus from China, and strong purchasing activity from U.S. Bitcoin ETFs. Since mid-October, U.S. Bitcoin ETFs have collectively bought over $3.5 billion worth of Bitcoin, with BlackRock’s IBIT leading the charge. After 10 months of trading, BlackRock’s ETF now holds over $28 billion in Bitcoin.
Cash Flow Data for U.S. Bitcoin ETFs
According to Bloomberg analyst Eric Balchunas, IBIT saw a trading volume of $3.3 billion on October 29 (U.S. time)—the highest in the past six months. He anticipates that FOMO (fear of missing out) from U.S. investors may be just beginning.
Bitcoin’s October Rally
The “Uptober” predictions for Bitcoin have largely proven accurate, with BTC gaining over 14% in October. Yet, confirmation depends on the upcoming weekly and monthly candle closes. Despite Bitcoin’s strength, the top altcoins have yet to capitalize on its momentum, as Bitcoin Dominance (BTC.D) rose to 60.18% this morning—its highest since March 2021. In the past 24 hours, total liquidated derivative orders reached $255 million, with 74% being shorts, most of them in Bitcoin.
