2024-12-3 01:30 |
Analysts said that two of the biggest cryptocurrencies in the world are riding on the waves of positive sentiments as the exchange-traded funds of Bitcoin and Ethereum reached record highs.
The pro-cryptocurrency stance of US President-elect Donald Trump continues to fuel the positive outlook, propelling BTC and ETH to attain unprecedented levels.
Bitcoin Hits $6.5 Billion In Net InflowsAnalysts showed that as of November, the firstborn cryptocurrency’s exchange-traded funds (EFT) recorded an all-time high of $6.5 billion in net inflows, a significant milestone attributed to the incoming Trump administration.
Many market commentators are predicting that Bitcoin could soon hit a record high of over $100,000 per coin; even American author Robert Kiyosaki posted on his X account that BTC would settle at around $250,000 in 2025.
Analysts mentioned that since the start of 2024, BTC’s price has already doubled, and they observed that the crypto went up by 45% after the US presidential election, noting that investors’ optimism on cryptocurrencies can be attributed to Trump’s promise to make regulations more friendly to digital assets.
As of press time, Bitcoin has been traded at $95,721, down by 1.8% in the last 24 hours and with a total market capitalization of $1.9 trillion.
BTC is moving even closer to the $100,000 mark but continues to struggle to pass this resistance level.
ETH Outperforms BTCCrypto analysts commented that since Trump’s election, Ethereum has outmatched Bitcoin as the leading altcoin has reached new heights, riding on the overall optimism in the cryptocurrency sector.
Reports illustrated that the Ethereum ETFs hit an all-time high of $1.1 billion in net inflows, saying that ETH is keeping up with the Bitcoin surge.
Analysts noted that a net inflow of $333 million was recorded from nine Ether EFTs on November 29, adding that BlackRock led the charge wherein its ETHA had a total inflow of $2.1 billion.
In the last week of November, SosoValue revealed that Ether ETFs garnered more than $466 million while having an outflow of $71.60 million in the prior week. Moreover, its price also increased by 48% in the last seven days.
According to CoinGecko, the largest altcoin is being traded at $3,619 with a total market capitalization of more than $435 billion.
Declining InventoryIn a post, digital asset analyst Markus Thielen suggested that Bitcoin’s supply might be drying up, noting that there is a dwindling Bitcoin balance on cryptocurrency exchanges.
“Unlike late summer, when a sudden large inflow temporarily replenished exchange balances, this time, no additional inventory is appearing,” Thielen said on LinkedIn.
The analyst said that Bitfinex, Binance, and Coinbase are the only crypto exchanges with sufficient Bitcoin in their inventories.
Some reports suggested that the latest inflows into BTC are significant, and a bearish outlook might be premature.
However, he noted that the crypto’s market capitalization is growing but its dominance waning down by 60% to 56%. Could this indicate that the altcoin season has arrived?
Featured image from DALL-E, chart from TradingView
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