Crypto Market Update: Bitcoin and Dogecoin’s Performance in Focus
Crypto Market Update – Bitcoin and Dogecoin are making significant waves in the cryptocurrency market, with Bitcoin nearing the $68,000 mark and Dogecoin experiencing a notable surge following Elon Musk’s political announcements, signaling increased investor interest and market volatility.
Current Market Metrics
- CoinDesk 20 Index: 2,056.00 (+1%)
- Bitcoin (BTC): $67,818.38 (+1.35%)
- Ether (ETH): $2,625.15 (+0.85%)
- S&P 500: 5,841.47 (-0.02%)
- Gold: $2,709.71 (+0.59%)
- Nikkei 225: 38,981.75 (+0.18%)
Bitcoin Attempts to Break $68,000 Barrier
Bitcoin made another effort to establish a foothold above $68,000 early in the European morning but pulled back to trade around $67,800. Over the past 24 hours, BTC has gained approximately 1.35%, outperforming the broader digital asset market, as indicated by the CoinDesk 20 Index, which is just under 0.8% higher. Notably, Bitcoin has surged nearly 9% this week, driven by strong interest in spot BTC ETFs.
According to data compiled by SoSoValue, U.S.-listed funds have experienced inflows of $1.86 billion since Monday, marking their highest total since the second week of March. This growing interest reflects a significant appetite for Bitcoin, as investors aim to capitalize on its latest rally.
Record Inflows for Bitcoin ETPs
Globally, Bitcoin Exchange-Traded Products (ETPs) are enjoying their best week since July. The ETPs have registered a cumulative inflow of 25,675 BTC (equivalent to $1.74 billion) in the past seven days. This influx is indicative of investors worldwide scrambling to gain exposure to Bitcoin amid its price rally. The inflows from U.S.-listed ETFs are nearing $1.9 billion, equivalent to 21,450 BTC.
To put this into perspective, Bitcoin ETF investors have purchased the equivalent of around 48 days of mined supply, considering that approximately 450 BTC are mined daily. Notably, these spot ETFs have accumulated over $20 billion in net inflows since their inception, a remarkable achievement given that it took Gold ETFs about five years to reach the same figure, according to Bloomberg’s ETF Analyst Eric Balchunas.
Dogecoin Sees Surge Amid Political Speculation
Dogecoin (DOGE) experienced a significant boost late Thursday as entrepreneur Elon Musk further detailed plans for his proposed “Department of Government Efficiency” at a town hall event in Pennsylvania. This event encouraged early voting in the politically critical state, where tensions are high between Republicans and Democrats. DOGE rose over 9%, surpassing 13 cents for the first time since late July, and has extended one-week gains to over 22%, the highest among major tokens.
Musk has emerged as a key supporter of Republican Donald Trump’s presidential campaign, having donated over $75 million to the American PAC since July, with several campaign appearances scheduled in Pennsylvania this month.
Spike in Bitcoin Transaction Fees
Bitcoin transaction fees surged to $67,300 on Thursday, marking the highest single-day tally since August 22. This spike in transaction fees is likely attributed to renewed bullish activity in Bitcoin-based memecoins, according to IntoTheBlock.
FAQ
What is the current price of Bitcoin?
As of the latest update, Bitcoin (BTC) is priced at approximately $67,818.38, showing a 1.35% increase in the last 24 hours.
Why did Dogecoin’s price surge recently?
Dogecoin (DOGE) experienced a surge of over 9% after Elon Musk revealed his plans for a “Department of Government Efficiency” during a town hall event, which sparked renewed interest among investors.
What are Bitcoin ETPs and why are they significant?
Bitcoin Exchange-Traded Products (ETPs) allow investors to gain exposure to Bitcoin without owning the cryptocurrency directly. They have seen significant inflows, totaling approximately 25,675 BTC ($1.74 billion) over the past week, indicating growing institutional interest.
Leave a comment