Although Bitcoin (BTC) price made all-time highs (ATH) today, there could be more gains for the cryptocurrency’s price trajectory in the future.
Will Bitcoin reach $100,000 by Inauguration Day?
Following the victory of Republican presidential candidate Donald Trump, the leading digital assets saw a sharp price rise, surpassing the previous ATH price of $73,737 that was published earlier this year in March.
new a report By cryptocurrency custodian Copper.co, it posits that BTC’s bullish momentum may extend into 2025. Commenting on this, Fadi Abu Alfa, Head of Research at Copper.co, stated:
We tested the ETF accumulation trend against potential price ranges. It is entirely possible to have $100,000 worth of Bitcoin by the time the 47th US President heads to the Capitol for its inauguration on January 20, with ETFs holding around 1.1 million Bitcoin.
The company’s forecast takes into account historical Bitcoin exchange-traded fund (ETF) accumulation trends and the recent rise in spot ETF inflows.
At the time of writing, the total value of net assets held in spot Bitcoin ETFs was He stands With a value of $69.28 billion, which represents more than 5% of the total market value of assets.
Notably, the research firm predicted last month that Bitcoin ETFs could hold just under 1 million Bitcoin by Election Day. These ETFs contain about 986,000 Bitcoin, proving the company’s valuation is largely accurate.
The growing popularity of Bitcoin ETFs demonstrates the ever-increasing institutional interest in the digital asset. recently Reports Demand for spot Bitcoin ETF shows 6-month high.
Data from cryptocurrency ETF SoSoValue tracker He appears October 2024 was one of the most active months for Bitcoin ETFs, with the financial products attracting nearly $3 billion in total net inflows.
Betting Markets Still Not Bullish on Ethereum
While the top cryptocurrency by reported market cap has already entered uncharted territory in terms of price, the second largest digital asset, Ethereum (ETH), is still performing poorly.
Citing betting markets, the Copper.co report says it expects only a 12% chance of ETH reaching a new ATH this year. The report reads in part:
The tepid appeal of ETFs has dampened the mood of traders, although investors appear largely unfazed. While Ethereum is now bloated, year-to-date supply growth is only 89k Ether, compared to 5.7 million coins that moved to staking.
However, it’s not all bleak for Ethereum ETFs. Most recently Michigan State open The Michigan Retirement System has invested nearly $10 million in ETH ETFs, exceeding its total investment in Bitcoin ETFs.
While the recent rise in cryptocurrency ETF product activities is encouraging, investors should be cautious as the digital asset market is known to exhibit high volatility over a short period.
For example, on November 4, trade BTC ETFs registered $541 million in net outflows in a single day, the second largest since January. Bitcoin is trading at $74,300 at press time, up 6.4% in the past 24 hours.
Featured image from Unsplash.com, chart from TradingView.com