Bitcoin Surges Past $73K with Unprecedented Trading Volume—What’s Next for Crypto?

On October 29, Bitcoin continued its impressive momentum, reaching $73,600 by 3 p.m. EDT, and boasting a market cap of $1.44 trillion, which makes up over 58% of the entire crypto market’s $2.46 trillion.

The cryptocurrency’s 24-hour trading volume hit a remarkable $65.38 billion out of the total $113 billion in the market. Leading trading pairs include USDT, USD, and USDC, with Binance and Coinbase being the top exchanges. Futures trading is also active, with open interest climbing to $44.15 billion. Notably, Emory University invested $15 million in the Grayscale Bitcoin Mini Trust, marking a significant shift in institutional interest.

Analysts from QCP Capital suggest that Bitcoin is well-positioned to outperform equities, especially amid speculation about potential fiscal policies under a possible Trump administration. Despite a slight drop to $72,428 later in the day, Bitcoin remains strong, with traders maintaining solid positions for future gains.

Clever Robot News Desk 30th October 2024

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