Ethereum

FOMO

Bitcoin

Dogecoin

<p>In just a few days, the total <a href="https://coinpedia.org/news/crypto-news-today-oct-17-2024-bitcoin-price-stays-above-67k-xrp-surges-3-4-solana-dips/" target="_blank" rel="noreferrer noopener">cryptocurrency market cap</a> has jumped by over $200 billion, mainly driven by Bitcoin's (BTC) impressive rise above $67,000. Both Bitcoin and Ethereum have seen price increases of over 10% in the past week, currently trading at about $67,300 and $2,618, respectively.</p>   
<p>This surge has energized the meme coin market, especially with Dogecoin (DOGE) leading the way, indicating a growing interest from speculative traders. Moreover, more than 95% of Bitcoin addresses are now in profit.</p>   
<p>As the market heats up, everyone is scrambling to understand the factors driving this bullish momentum. Let's explore together. </p>   
<h2 class="wp-block-heading" id="h-factors-driving-the-crypto-pump">Factors Driving the Crypto Pump</h2>   
<h3 class="wp-block-heading" id="h-rising-open-interest-oi"><strong>Rising Open Interest (OI)</strong></h3>   
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<p>The recent drop in fears of further crypto capitulation has led to a rise in FOMO (Fear of Missing Out) trading within the crypto community. Bitcoin’s fear and greed index has surged to 73%, showing that traders are increasingly driven by greed.</p>   
<p>Market data from CoinGlass reveals that Bitcoin's Open Interest (OI) has reached an all-time high of around $40 billion. This significant increase in OI could signal upcoming volatility in the cryptocurrency market.</p>   
<h3 class="wp-block-heading" id="h-high-demand-from-whale-investors"><strong>High Demand from Whale Investors</strong></h3>   
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<p>On-chain data analysis from CryptoQuant shows that new Bitcoin whale investors now hold about 1.97 million BTC, marking an impressive 800% increase year-to-date. Similarly, analytics firm Santiment reported a surge in whale transactions, with 11,697 transfers of at least $100,000 recorded on Tuesday—the highest in over ten weeks. </p>   
<p>This increase has led to Bitcoin supplies on centralized exchanges gradually falling to a five-year low.&nbsp;</p>   
<p><strong>ETF Purchases Signal Confidence</strong></p>   
<p>Notably, the <a href="https://coinpedia.org/news/bitcoin-etf-inflow-surges-by-555-90m-is-this-behind-btc-price-rally/" target="_blank" rel="noreferrer noopener">US-based spot Bitcoin ETFs</a> have purchased coins worth over $1.5 billion in the past four days. Led by BlackRock’s IBIT, the US spot Bitcoin ETFs registered a net cash inflow of around $458 million on Wednesday.</p>   [post_titles_links postid="368197"]   
<h3 class="wp-block-heading" id="h-october-bullish-sentiment-nbsp"><strong>October Bullish Sentiment&nbsp;</strong></h3>   
<p>From historical data, <a href="https://coinpedia.org/price-prediction/bitcoin-price-prediction/" target="_blank" rel="noreferrer noopener">Bitcoin price</a> has performed well in the fourth quarter. Coupled with the upcoming <a href="https://www.youtube.com/watch?v=aP2Q_7rzNs0&amp;pp=ygUVY29pbnBlZGlhIHVzIGVsZWN0aW9u" target="_blank" rel="noreferrer noopener">2024 US elections</a> and the expected Fed rate cuts amid a shifting global economic outlook, the crypto market will likely continue in bullish sentiment.&nbsp;</p>   
<p>In the coming months, the cryptocurrency market is likely to follow the positive trends of gold and major stock indices, supported by a confident outlook.</p>   
<p><strong>Will Bitcoin reach $100,000? The world is watching.</strong></p>

Top Reasons Why Crypto Is Going Up Today

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