For the first time, the crypto market cap surpassed $3 trillion, with the majority of cryptocurrencies trading in green. Bitcoin (BTC) has reached a new all-time high of $68,530, up nearly $3,200 in the last 24 hours. BTC led the bullish charge on November 8 and reached a new all-time high earlier today, accompanied by a surge in the altcoin market.
BTC price surge came as a result of heavy whale accumulation, with big whales with wallet balances ranging from 10K to 100K BTC accumulating 43K Bitcoin in the last 5 days. Ethereum (ETH) and the rest of the crypto market began surging earlier today, with ETH reaching a new all-time high of $4,837. Aside from Ethereum, Binance Coin (BNB), Solana (SOL), Cardano (ADA), and a number of other altcoins were trading in green.
Did a rise in the stock market cause a surge in cryptocurrency prices?
The traditional financial market has been rocked by inflation fears, and investors are looking for a better inflation hedge. According to market analysts, investors’ search for a new inflation hedge has led them to the crypto market as well as the stock market. The Asian market closed on a record high, while major European stocks also reached new highs.
Most investors are still waiting for US inflation data, which may help the crypto market even more. As evidenced by the last Covid wave in the first quarter of this year, Bitcoin has emerged as the primary inflation hedge for even mainstream investors. When gold and other inflation hedges were on the decline, BTC rose to new highs, and it is doing the same now.
“This bitcoin breakout could signal the start of a final push-up for the fourth quarter before the crypto market begins to consolidate more pronouncedly into next year.” Strength in bitcoin, ethereum, and many other altcoins appears likely in the coming weeks,” Fundstrat said in a report released on Monday.