According to cryptocurrency analytics platform CryptoQuant, Bitcoin, the leading cryptocurrency by market capitalization, could experience a renewed price surge
This rally could be driven by fresh demand for exchange-traded products, according to the firm.
Godfrey BenjaminCryptoQuant has noted that massive buying pressure stemming from Bitcoin ETFs (to the tune of 9,000 BTC on a daily basis) managed to push the price of the leading cryptocurrency to its current record high of more than $73,000 which was recorded in March.
On Thursday, Bitcoin ETFs recorded a total of $52 million worth of outflows.
Alex DovbnyaBitcoin is currently approaching the $62,000 level, according to CoinGecko data. The cryptocurrency is up roughly 2% following the latest US jobs report, which turned out to be stronger than initially expected.
As reported by U.Today, JPMorgan recently compared Bitcoin to gold, arguing that they are part of the same "debasement trade."
Despite the favorable narrative, the cryptocurrency is struggling to regain bullish momentum during its most bullish month.
Following the initial hype, the number of "Uptober" mentions declined substantially, with many traders being caught off guard by negative returns.
PolyMarket bettors see only a tiny chance of the Bitcoin price reaching six-digit territory this year.
Gamza Khanzadaev
Yuri Molchan
Dan Burgin
Vladislav Sopov
U.Today Editorial Team