Hassan Maishera
TL;DR
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BTC is trading above $65k for the first time in nearly two months.
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The rally coincides with inflows into US spot Bitcoin exchange-traded funds (ETFs).
BTC Tops $65k as Demand for ETFs Surge
The cryptocurrency market has been bullish this week, with most coins and tokens currently in the green. Bitcoin, the number one cryptocurrency by market cap, added 3% to its value over the last 24 hours and is now trading above $65k for the first time since early August.
The positive performance coincides with more inflows into US spot ETFs. Monetary stimulus in the United States and China also plays a key role in Bitcoin’s ongoing bullish performance.
The Federal Reserve cut interest rates by 50 basis points last week, making it the first time in four years that the Fed is doing so. The Chinese government is also considering injecting up to 1 trillion yuan ($142 billion) of capital into that country's biggest state banks in a bid to revive the struggling economy.
As usual, Bitcoin’s positive performance is closely followed by altcoins. Ether, the second-largest cryptocurrency by market cap, is up 1.7% in the last 24 hours and now trades at $2,646 per coin.
DOGE, the native coin of the Dogecoin ecosystem, is the best performer among the top 10 cryptocurrencies by market cap. It has increased 10% in the last 24 hours and is approaching the $0.12 mark.
The total cryptocurrency market cap increased by 2% in the last 24 hours to hit the $2.29 trillion mark.
