Cryptocurrency prices are rising today, with many popular coins seeing big gains. For example, Bitcoin, the largest cryptocurrency, surged over $73,000, up 5.4% in a single day.
Ethereum also rose 5.3%, crossing $2,600. Other coins are also up: Bitcoin Cash is up 8%, Avalanche is up 5.86%, Cardano is up 3.96%, and SOL is up 3.56%, according to CoinMarketCap.
This rise is mainly due to large investors putting more money into crypto. BlackRock’s Bitcoin ETF has brought in around $200 million every day over the past week. On October 28 alone, the ETF saw $300 million in new investments. This shows that large companies and investors are very interested in crypto right now.
Another reason for this increase is the upcoming US election. Polymarket prediction markets say Donald Trump has a 66.8% chance of winning, and many believe a Trump victory could be good for crypto.
Other smaller coins, like Dogecoin and Shiba Inu, are also doing well, each gaining more than 10%. In fact, the entire market is on the rise, with the total value of all cryptocurrencies increasing by 5.27%, reaching $2.47 trillion with a trading volume of over $113 billion.
The increase also comes after the US Federal Reserve cut interest rates by 0.5% in September. Lower interest rates make borrowing money easier and less expensive, which may encourage investors to turn to riskier assets like crypto.
Bitcoin’s market share is now close to 59%, which could soon lead to more gains for other coins. US investors are also showing renewed interest in crypto, with the Coinbase Premium Index showing increased buying activity from US investors, according to Coinglass.
Also Read: Royal Government of Bhutan Transfers 929 BTC to Binance
