Crypto News Today Bitcoin Sets Sights on New AllTime High in 2025 While Ethereum Trails Behind
### Key Highlights
– The total market capitalization of cryptocurrencies experienced a notable increase of about 2% over the last 34 hours, driven primarily by Bitcoin and Ethereum.
– This rapid increase in the crypto market led to liquidations exceeding $111 million, predominantly affecting traders who had bet on price declines.
– The recent approval of spot Bitcoin and Ether ETFs in the United States has significantly boosted institutional demand for these digital currencies.
The cryptocurrency landscape is buzzing with renewed energy! Dominated by Bitcoin and Ethereum, the overall market cap surged an impressive 2% in just 34 hours, reaching an astonishing $2.3 trillion on Wednesday. This unexpected rise has sent ripples through the crypto community, sparking excitement and speculation among investors and traders alike.
In the past 24 hours, the market’s upward momentum resulted in liquidations totaling over $111 million, primarily impacting those who anticipated falling prices. Bitcoin’s value climbed over 2% within the day, peaking at approximately $64,750. Despite encountering resistance around the $64,000 mark, Bitcoin managed to finish Tuesday above its 200-day Moving Average (MA), signaling a growing sense of optimism in the market.
On the other hand, Ethereum has been slower to pick up speed. A bearish indicator known as the “death cross” — where the 50-day MA drops below the 200-day MA — is exerting downward pressure on Ethereum’s price, dampening investor confidence.
### Strong Demand for Bitcoin ETFs, Ether ETFs Struggling
The recent green light for Bitcoin and Ether spot ETFs in the U.S. has underscored the disparity in institutional interest between the two cryptocurrencies. Over the last fortnight, U.S. Bitcoin ETFs have received a net cash inflow of approximately $800 million. On Tuesday alone, Bitcoin ETFs attracted $135 million, led by prominent players such as BlackRock’s IBIT, Fidelity’s FBTC, and Bitwise’s BITB.
These Bitcoin ETF purchases have helped absorb some of the selling pressure from miners, who have offloaded more than $16 million worth of Bitcoin in the past two days. In contrast, Ether ETFs have encountered difficulties, recording net outflows over the last seven weeks, although they managed to pull in $62 million on Tuesday, with BlackRock’s ETHA taking the lead.
### Looking Ahead: A Bullish Q4 on the Horizon?
If this Bitcoin cycle follows the pattern of the previous two, we might witness a market peak around October 2025.
As the bearish third quarter draws to a close in less than ten days, the crypto sector anticipates a shift toward bullish sentiment in the fourth quarter, expected to persist into 2025. This optimism is fueled by ongoing economic changes, influenced by the Federal Reserve’s and China’s interest rate adjustments, which are likely to amplify the bullish outlook for cryptocurrencies in Q4.
As the crypto market warms up, the pivotal question remains—will Bitcoin maintain its dominance, or could altcoins rise to prominence in Q4?
**Tags**:
Altcoins
Bitcoin
Price Analysis