Crypto prices are on the rise today, with many popular coins seeing big gains. For instance, Bitcoin, the largest cryptocurrency, jumped over $73,000, going up by 5.4% in a single day.
Ethereum also rose by 5.3%, crossing $2,600. Other coins are up too: Bitcoin Cash grew by 8%, Avalanche by 5.86%, Cardano by 3.96%, and SOL by 3.56%, according to CoinMarketCap.
This rise is mainly because big investors are putting more money into crypto. BlackRock’s Bitcoin ETF has been bringing in around $200 million each day over the past week. On October 28 alone, the ETF saw $300 million in new investments. This shows that big companies and investors are very interested in crypto right now.
Another reason for the increase is the upcoming U.S. election. Polymarket prediction markets say Donald Trump has a 66.8% chance of winning, and many believe a Trump win could be good for crypto.
Other smaller coins, like Dogecoin and Shiba Inu, are also doing well, each gaining over 10%. In fact, the whole market is up, with the total value of all cryptocurrencies having gone up by 5.27%, reaching $2.47 trillion with over $113 billion in trading volume.
This rise also comes after the U.S. Federal Reserve cut interest rates by 0.5% in September. Lower interest rates make it easier and cheaper to borrow money, which can encourage investors to look at riskier assets like crypto.
Bitcoin’s market share is now close to 59%, which could lead to more gains for other coins soon. U.S. investors are also showing renewed interest in crypto, with the Coinbase Premium Index showing more buying activity from American investors, according to Coinglass.
Also Read: Royal Government of Bhutan Transfers 929 BTC to Binance
