Bitcoin\u2019s surge past $35,000 on the 24th and 25th of October took the crypto world by surprise, as it indicated what might be the beginning of a new bullish sentiment. Trading volumes for the world\u2019s largest cryptocurrency hit their highest levels since March, showing that interest in Bitcoin is booming once more.<\/p>\n
The entire crypto market saw an inflow of funds during<\/a> the week, leading to a surge in market cap. Data from CoinGecko<\/a> shows that the entire market cap increased from $1.184 trillion on Sunday, October 22, to $1.312 trillion on Wednesday, October 25. Most of this inflow went into Bitcoin, which saw its share of the cryptocurrency market increase from 49.58% to 51.47 % during this same time period.\u00a0<\/p>\n\n Chart From CoinGecko<\/a><\/p>\n The recent boom in Bitcoin and cryptocurrency prices pushed Bitcoin daily trading volumes on crypto exchanges to their highest level since March. According <\/a>to The Block\u2019s data dashboard, the seven-day moving average for spot exchange volumes across multiple exchanges hit $24.12 billion on Thursday and $23.98 billion on Friday, respectively. In comparison, Bitcoin trading volume on exchanges was at $11.02 billion on the first day of the month.\u00a0<\/p>\n\n A similar metric from IntoTheBlock shows Bitcoin transactions reaching 1.4 million BTC as bulls looked to push Bitcoin to $35,000.<\/p>\n\n Trading volumes are an important metric because higher volumes suggest greater interest and activity in a market. It means more people are actively buying and selling, leading to more liquidity and volatility.<\/p>\n Whale activity also increased during this time period, as indicated by on-chain trackers. Whale transaction tracker Whale Alerts has shown various BTC transactions amounting to millions of dollars to and from crypto exchanges.\u00a0<\/p>\n 2,000 #BTC<\/a> (68,255,228 USD) transferred from #Coinbase<\/a> to unknown wallethttps:\/\/t.co\/SdIJ87ZxNT<\/a><\/p>\n \u2014 Whale Alert (@whale_alert) October 26, 2023<\/a><\/p>\n 2,000 #BTC<\/a> (68,560,116 USD) transferred from unknown wallet to #Coinbase<\/a>https:\/\/t.co\/MJNn4HwswP<\/a><\/p>\n\n \u2014 Whale Alert (@whale_alert) October 26, 2023<\/a><\/p>\n 1,499 #BTC<\/a> (51,276,429 USD) transferred from #Binance<\/a> to #Coinbene<\/a>https:\/\/t.co\/lVaDk8pYio<\/a><\/p>\n \u2014 Whale Alert (@whale_alert) October 27, 2023<\/a><\/p>\n Bitcoin has since formed a resistance level around $35,000 and is now trading in a range. At the time of writing, Bitcoin is trading at $34,150, still up by 14.47% in a 7-day timeframe. While price action seems to be moving sideways at the moment, there are still hopes of continued momentum from the bulls to push BTC past $35,000 in the new week.\u00a0<\/p>\n Matt Hougan, CEO of crypto index fund manager Bitwise, has hinted at a further inflow<\/a> of money into Bitcoin. Hougan makes this prediction on spot Bitcoin ETFs to project an inflow of around $50 billion within the first five years of its launch. Others like crypto financial services platform Matrixport have made more optimistic claims<\/a>.\u00a0<\/p>\n Data from<\/a> analytics platform mempool.space has shown a sustained increase in activity on the BTC network. If bulls continue to maintain a strong push, we could see Bitcoin reach as high as $45,000<\/a> in the early days of November.<\/p>\n Featured image from Shutterstock<\/em><\/p>","protected":false},"excerpt":{"rendered":" <\/p>\n Bitcoin\u2019s surge past $35,000 on the 24th and 25th of October took the crypto world by surprise, as it indicated what might be the beginning of a new bullish sentiment. Trading volumes for the world\u2019s largest cryptocurrency hit their highest levels since March, showing that interest in Bitcoin is booming once more.<\/p>\n The entire crypto market saw an inflow of funds during<\/a> the week, leading to a surge in market cap. Data from CoinGecko<\/a> shows that the entire market cap increased from $1.184 trillion on Sunday, October 22, to $1.312 trillion on Wednesday, October 25. Most of this inflow went into Bitcoin, which saw its share of the cryptocurrency market increase from 49.58% to 51.47 % during this same time period.\u00a0<\/p>\n Chart From CoinGecko<\/a><\/p>\n The recent boom in Bitcoin and cryptocurrency prices pushed Bitcoin daily trading volumes on crypto exchanges to their highest level since March. According <\/a>to The Block\u2019s data dashboard, the seven-day moving average for spot exchange volumes across multiple exchanges hit $24.12 billion on Thursday and $23.98 billion on Friday, respectively. In comparison, Bitcoin trading volume on exchanges was at $11.02 billion on the first day of the month.\u00a0<\/p>\n A similar metric from IntoTheBlock shows Bitcoin transactions reaching 1.4 million BTC as bulls looked to push Bitcoin to $35,000.<\/p>\n Trading volumes are an important metric because higher volumes suggest greater interest and activity in a market. It means more people are actively buying and selling, leading to more liquidity and volatility.<\/p>\n Whale activity also increased during this time period, as indicated by on-chain trackers. Whale transaction tracker Whale Alerts has shown various BTC transactions amounting to millions of dollars to and from crypto exchanges.\u00a0<\/p>\n 2,000 #BTC<\/a> (68,255,228 USD) transferred from #Coinbase<\/a> to unknown wallethttps:\/\/t.co\/SdIJ87ZxNT<\/a><\/p>\n \u2014 Whale Alert (@whale_alert) October 26, 2023<\/a><\/p>\n 2,000 #BTC<\/a> (68,560,116 USD) transferred from unknown wallet to #Coinbase<\/a>https:\/\/t.co\/MJNn4HwswP<\/a><\/p>\n \u2014 Whale Alert (@whale_alert) October 26, 2023<\/a><\/p>\n 1,499 #BTC<\/a> (51,276,429 USD) transferred from #Binance<\/a> to #Coinbene<\/a>https:\/\/t.co\/lVaDk8pYio<\/a><\/p>\n \u2014 Whale Alert (@whale_alert) October 27, 2023<\/a><\/p>\n Bitcoin has since formed a resistance level around $35,000 and is now trading in a range. At the time of writing, Bitcoin is trading at $34,150, still up by 14.47% in a 7-day timeframe. While price action seems to be moving sideways at the moment, there are still hopes of continued momentum from the bulls to push BTC past $35,000 in the new week.\u00a0<\/p>\n Matt Hougan, CEO of crypto index fund manager Bitwise, has hinted at a further inflow<\/a> of money into Bitcoin. Hougan makes this prediction on spot Bitcoin ETFs to project an inflow of around $50 billion within the first five years of its launch. Others like crypto financial services platform Matrixport have made more optimistic claims<\/a>.\u00a0<\/p>\n Data from<\/a> analytics platform mempool.space has shown a sustained increase in activity on the BTC network. If bulls continue to maintain a strong push, we could see Bitcoin reach as high as $45,000<\/a> in the early days of November.<\/p>\n Featured image from Shutterstock<\/em><\/p>\n <\/p>\n","protected":false},"author":0,"featured_media":0,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"colormag_page_layout":"default_layout","_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[82],"tags":[],"class_list":["post-31600","post","type-post","status-publish","format-standard","hentry","category-blockchain"],"jetpack_featured_media_url":"","jetpack_sharing_enabled":true,"_links":{"self":[{"href":"http:\/\/cryptocornercafe.com\/cafe\/wp-json\/wp\/v2\/posts\/31600","targetHints":{"allow":["GET"]}}],"collection":[{"href":"http:\/\/cryptocornercafe.com\/cafe\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"http:\/\/cryptocornercafe.com\/cafe\/wp-json\/wp\/v2\/types\/post"}],"replies":[{"embeddable":true,"href":"http:\/\/cryptocornercafe.com\/cafe\/wp-json\/wp\/v2\/comments?post=31600"}],"version-history":[{"count":0,"href":"http:\/\/cryptocornercafe.com\/cafe\/wp-json\/wp\/v2\/posts\/31600\/revisions"}],"wp:attachment":[{"href":"http:\/\/cryptocornercafe.com\/cafe\/wp-json\/wp\/v2\/media?parent=31600"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"http:\/\/cryptocornercafe.com\/cafe\/wp-json\/wp\/v2\/categories?post=31600"},{"taxonomy":"post_tag","embeddable":true,"href":"http:\/\/cryptocornercafe.com\/cafe\/wp-json\/wp\/v2\/tags?post=31600"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}Daily Crypto Exchange Volumes Reach 8-Month High<\/h2>\n
What\u2019s Next? More Bitcoin Movement?<\/h2>\n
Daily Crypto Exchange Volumes Reach 8-Month High<\/h2>\n
What\u2019s Next? More Bitcoin Movement?<\/h2>\n