The cryptocurrency market has experienced great activity in the last week. Bitcoin (BTC) 
$66,895 It rose to 69 thousand dollars with an increase of 10.48 percent. This development turned eyes to the psychological level of 70 thousand dollars. QCP CapitalAccording to , the lack of any significant development in upcoming macroeconomic data indicates that this rally may continue. Additionally, intense interest in spot Bitcoin ETFs continues to support the rise in the market.
There is Intense Interest in Spot Bitcoin ETF
during the last week spot Bitcoin ETFThere were strong entries into . Spot Bitcoin ETFs continued their streak of six consecutive days of gains, with net inflows of $203.3 million as of Friday. This flow shows that corporate demand remains strong.
Additionally, the SEC’s approval this morning for spot Bitcoin ETF options to be traded on the New York Stock Exchange will increase the liquidity of the ETF and encourage sustainable inflows. According to QCP Capital analysts, this continued investor interest may positively affect Bitcoin’s performance in the coming weeks.
Bitcoin Domination is at its Peak
Bitcoin’s market dominance reached 58 percent, the highest level since April 2021. This dominance rate strengthens the leadership of the largest cryptocurrency in the market. For now, dominance is approaching a significant resistance point at the 60 percent level. According to QCP Capital, exceeding this threshold could pave the way for a strong recovery in other Layer 1 coins. Bitcoin’s strong performance altcoin It also increases the expectation of revival in the markets.
On the other hand, QCP Capital pointed out that inflation continues to weaken in Japan. The headline inflation rate decreased to 2.5 percent. The Bank of Japan is unlikely to raise interest rates in the near future, which means japanese yenIt caused the USD/JPY parity to weaken and fall below the 150 level.
US stocks The weakening of the Japanese yen as it approaches historical peaks increases the risk appetite in the market. It is estimated that interest in risky assets will increase as the US elections approach. All these developments support the rise of Bitcoin and other cryptocurrencies. This period, called “Uptober” in the cryptocurrency market, is a period in which risky assets gain strength. As risk appetite increases, Bitcoin and other cryptocurrencies are expected to continue their upward movement.
While Bitcoin’s strong performance this week continues to attract the attention of investors, the markets are expected to remain active next week. Particularly, the continued intense interest in spot Bitcoin ETFs is the biggest cryptocurrencyIt may support the upward movement of the price of .
Disclaimer: The information contained in this article does not constitute investment advice. Investors should be aware that crypto currencies carry high volatility and therefore risk, and should carry out their transactions in line with their own research.
