The crypto market has reached a new all-time high of nearly $3.5 trillion, driven by a rapid influx of institutional capital. Bitcoin (BTC) has been leading the charge and reached a peak of $99,334 before a slight correction. Demand from new investors, particularly through exchange-traded funds (ETFs), has supported Bitcoin's upward trajectory. Meanwhile, the altcoin market, excluding Ethereum (ETH), has also hit new cycle highs, indicating growing investor interest. Large-cap altcoins like Solana (SOL) have achieved new all-time highs and the surge in institutional demand has helped absorb selling pressure. However, long-term holders (LTHs) have been offloading their holdings, which may suggest a potential price top within the next few months. Bitcoin's recent ascent has positioned it as the seventh-largest tradeable asset by market cap. While the market remains bullish, a minor correction or consolidation is expected, especially with upcoming macroeconomic events and increasing volatility. Altcoins may see magnified reactions to BTC corrections, making it crucial for investors to monitor market dynamics closely.
- Content Editor ( cryptoslate.com )
- 2024-11-26
Institutional capital fuels crypto rally amid profit-taking trends — Bitfinex