.png)
Bitcoin Overtakes Silver Market Cap with New ATH at $88,440!
The post Bitcoin Overtakes Silver Market Cap with New ATH at $88,440! appeared on BitcoinEthereumNews.com. Bitcoin (BTC) has achieved a new all-time high (ATH) of $88,440, surpassing silver’s market capitalization of $1.729 trillion. The flagship crypto now holds a market cap of $1.74 trillion, reflecting its growing institutional adoption and market confidence. However, despite this milestone, Bitcoin still lags far behind gold, which holds a market cap of over $17.594 trillion, which is 10 times BTC’s current market cap. Top Reasons Behind Bitcoin Price Surge The latest BTC rally has been fueled by several factors, including rising institutional demand and increasing spot Bitcoin Exchange-Traded Fund (ETF) inflows. In addition, the U.S. Federal Reserve’s 25 bps rate cut, and pro-crypto Donald Trump’s presidential victory has added to the frenzy. Furthermore, the hype around the potential creation of a U.S. BTC reserve has also uplifted the market sentiment. However, while analysts maintain a “structurally bullish” outlook, they also caution that BTC’s gains may face resistance. “We are cautious of any pullbacks especially from leveraged washouts,” QCP Capital analysts stated. The analysts pointed to elevated funding rates in perpetual swaps and a seven-month high in basis yields as indicators of market euphoria. These elevated basis yields typically do not last long, suggesting the rally could face challenges ahead. INTEL: BITCOIN SURPASSES SILVER IN MARKET CAP — Solid Intel ???? (@solidintel_x) November 11, 2024 Key macroeconomic events are expected to play a critical role in determining Bitcoin’s price direction. The U.S. Consumer Price Index (CPI) and Producer Price Index (PPI) will be released this week, followed by a crucial speech from Federal Reserve Chair Jerome Powell on Friday. These events will provide insight into the Fed’s future rate policy, including the potential for a 25 basis point rate cut in December. Any significant change in the inflation outlook or rate policies could impact market sentiment and trigger a pullback…
The post Bitcoin Overtakes Silver Market Cap with New ATH at $88,440! appeared on BitcoinEthereumNews.com.
Bitcoin (BTC) has achieved a new all-time high (ATH) of $88,440, surpassing silver’s market capitalization of $1.729 trillion. The flagship crypto now holds a market cap of $1.74 trillion, reflecting its growing institutional adoption and market confidence. However, despite this milestone, Bitcoin still lags far behind gold, which holds a market cap of over $17.594 trillion, which is 10 times BTC’s current market cap. Top Reasons Behind Bitcoin Price Surge The latest BTC rally has been fueled by several factors, including rising institutional demand and increasing spot Bitcoin Exchange-Traded Fund (ETF) inflows. In addition, the U.S. Federal Reserve’s 25 bps rate cut, and pro-crypto Donald Trump’s presidential victory has added to the frenzy. Furthermore, the hype around the potential creation of a U.S. BTC reserve has also uplifted the market sentiment. However, while analysts maintain a “structurally bullish” outlook, they also caution that BTC’s gains may face resistance. “We are cautious of any pullbacks especially from leveraged washouts,” QCP Capital analysts stated. The analysts pointed to elevated funding rates in perpetual swaps and a seven-month high in basis yields as indicators of market euphoria. These elevated basis yields typically do not last long, suggesting the rally could face challenges ahead. INTEL: BITCOIN SURPASSES SILVER IN MARKET CAP — Solid Intel ???? (@solidintel_x) November 11, 2024 Key macroeconomic events are expected to play a critical role in determining Bitcoin’s price direction. The U.S. Consumer Price Index (CPI) and Producer Price Index (PPI) will be released this week, followed by a crucial speech from Federal Reserve Chair Jerome Powell on Friday. These events will provide insight into the Fed’s future rate policy, including the potential for a 25 basis point rate cut in December. Any significant change in the inflation outlook or rate policies could impact market sentiment and trigger a pullback…
What's Your Reaction?
