Tanahub.com — Bitcoin has marked a significant rally, breaking through the $71,000 mark for the first time since June. According to CoinMarketCap, BTC is currently trading at $71,200, up approximately 4% in the past 24 hours.
This Bitcoin price surge is believed to be driven by renewed investor interest in exchange-traded funds (ETFs). ETFs provide a secure avenue for institutional investors who have been hesitant to purchase Bitcoin through traditional exchanges.
The popularity of spot Bitcoin ETFs has skyrocketed, attracting over $20 billion in investments this year alone. BlackRock’s iShares Bitcoin Trust has emerged as the most successful Bitcoin ETF provider among ten competitors.
Bitcoin previously reached an all-time high (ATH) of $73,737 in March, two months after Bitcoin ETFs were approved. However, its price dipped due to geopolitical uncertainties in the Middle East and the Federal Reserve’s high interest rate policies.
Following the U.S. central bank’s decision to lower interest rates last month, investor appetite for riskier assets like Bitcoin has reignited. Risky assets tend to attract investors in low-interest environments due to cheaper borrowing costs.
This latest Bitcoin rally also coincides with the upcoming U.S. presidential election on November 5. Both candidates, Republican Donald Trump and Democrat Kamala Harris, are seen as supportive of the crypto industry.
Not only Bitcoin but also Ethereum has climbed, now trading at $2,566.
DOGE Soars After Elon Musk’s Endorsement
Dogecoin has emerged as the top-performing cryptocurrency among the top 100 coins in the past 24 hours. According to CoinMarketCap, the meme coin surged 15% over the past day to $0.1687, its highest in five months.
DOGE’s price spike came after Tesla and SpaceX CEO Elon Musk promoted Dogecoin during a campaign event for Donald Trump. Musk has openly expressed his support for Trump’s bid to return as U.S. President.
During the campaign, Trump announced that if re-elected, Musk would join his administration and lead a new department named the Department of Governmental Efficiency, abbreviated as D.O.G.E.
At a large campaign rally held by Trump at Madison Square Garden in New York City over the weekend, Musk claimed that D.O.G.E. could save the U.S. significant amounts of money. He estimated the department could reduce the country’s annual budget by up to $2 trillion.
Since the campaign, Dogecoin’s value has continued to climb higher than in previous weeks. DOGE now ranks as the world’s eighth-largest cryptocurrency, with a market capitalization of $24 billion.
Source: Volubit.id