Bitcoin Contiues Uprise Trend..."ATH Again?"

BlackRock IBIT recorded a net inflow of $875 million
BTC Holds $7.2K trend without Drip on 'IBIT Power'
Altcoins Relatively Remain Weak to BTC Uprise
Experts "BTC Will Break 20K as a Change in Status

Bitcoin(BTC) continued to rise on Oct. 31 due to the explosive success of Bitcoin Spot Exchange Fund(ETF) in the United States.

Bitcoin spot ETFs in the U.S. have recently been found to be in great demand, centering on BlackRock's IBIT. IBIT broke the record for the largest daily net inflow on Oct. 30.

According to data from the on-chain analysis platform Coinglass on Oct. 31, IBIT recorded a net inflow of about $875 million per day on Oct. 30. IBIT's net inflow on Oct. 30 is the highest since its launch on January 11 this year.

Bitcoin, which was expected to undergo a correction after a recent strengthening, continued its upward trend as a strong net inflow occurred through IBIT.

Amid the rise of bitcoin, altcoins only gained a disappointing rate compared to bitcoin. Analysts say that altcoins are somewhat slowing down due to the strong rise in bitcoin.

◇Bitcoin = Bitcoin price is $72,321 at 4:30 p.m. on Oct. 31, 2024. The Bitcoin share (dominance) was 60.20%.

Bitcoin Dominance recorded 56.43%, according to the on-chain analysis platform Sigbtc. The long (up) and short (down) betting ratios in the Bitcoin futures market were 38.20% and 61.80%.

Experts also predicted that Bitcoin will surpass $200,000 in the near future beyond its peak.

"What Bitcoin needs to reach the price of $200,000 is the maturity of its value as an institutional asset, and Bitcoin is currently continuing its path correctly," Heughan said on his X account on Oct. 31 "If Bitcoin's market capitalization, which is currently only about 7% of the total market capitalization of gold, can rise to 50% compared to gold, Bitcoin's price could reach $400,000."

◇ Upward Coin = The cryptocurrency that recorded the largest increase from the previous trading day at 4:30 p.m. on Oct. 29 was Zetachain(ZETA), up about 5.85%.

Zetachain is the first Universal Layer 1 project and is composed of experts in the cryptocurrency industry. It aims to build a platform that provides universal access, convenience, and usefulness in all blockchains. In addition, it launched the mainnet beta in February.

Zetachain has established an omni-chain that secures liquidity in multiple networks and binds several fragmented chains together. Through this, it is solving the problems of cross-chain and multi-chain and opening up the cryptocurrency and global financial ecosystem to everyone.

◇Fear Greed Index = The cryptocurrency fear-greed index provided by Alternative has entered the Greed phase with 77 points. The Greed phase is a phase where price volatility and trading volume increase, and the price increases. As it is highly likely to form a short-term high, caution should be taken in selling.

The cryptocurrency relative strength index (RSI) provided by Sigbtc was 72.8, showing an 'overbought' status. RSI sets the relative strength between the upward and downward pressure of a particular asset price and is an indicator of a measure of overbought and over-selling of a particular asset.

권승원 기자 ksw@blockstreet.co.kr