Cryptocurrency prices are currently on the rise, with many popular coins seeing significant gains. For example, Bitcoin, the largest cryptocurrency, rose 5.4% in one day to more than $73,000.
Ethereum also rose 5.3% to over $2,600. Other coins are also rising, with Bitcoin Cash up 8%, Avalanche 5.86%, Cardano 3.96%, and SOL 3.56%, according to CoinMarketCap.
The main reason for this rise is that large investors are putting more money into cryptocurrencies. BlackRock's Bitcoin ETF has delivered about $200 million in gains each day over the past week. On October 28th alone, the ETF saw $300 million in new investments. This shows that large companies and investors are currently very interested in cryptocurrencies.
Another reason for the increase is the upcoming US election. Polymarket's prediction market gives Donald Trump a 66.8% chance of winning, and many believe that a Trump victory could be positive for cryptocurrencies.
Other smaller coins such as Dogecoin and Shiba Inu have also performed well, each rising more than 10%. In fact, the entire market is up, with the total value of all cryptocurrencies increasing by 5.27% to $2.47 trillion, with trading volume exceeding $113 billion.
The increase also came after the US Federal Reserve cut interest rates by 0.5% in September. Lower interest rates could make it easier and cheaper to borrow money, leading investors to turn to riskier assets like cryptocurrencies.
Bitcoin's market share is currently close to 59%, which could lead to further gains for other coins in the near future. According to Coinglass, US investors are also showing renewed interest in cryptocurrencies, with the Coinbase Premium Index showing increased buying activity by US investors.
Also read: Royal Government of Bhutan transfers 929 BTC to Binance
