The crypto market cap breached $3 trillion for the first time as majority of the cryptocurrencies traded in green. Bitcoin (BTC) rose to a new all-time-high of $68,530 rising by nearly $3,200 over the past 24-hours. BTC took the bullish charge on November 8 and rose to new ATH earlier today followed by a surge in the altcoins market.
BTC price surge came in the wake of heavy whale accumulation where big whales with wallet balance between 10K-100K BTC who accumulated 43K Bitcoin over the past 5 days. Ethereum (ETH) and rest of the crypto market also started surging earlier today with ETH hitting a new ATH of $4,837. Apart from Ethereum, Binance Coin (BNB, Solana (SOL), Cardano (ADA) and several other altcoins traded in green.
Did Rise in the Stock Market Led to Crypto Surge?
The traditional financial market has been reeling from the inflation fear and investors are looking for a better hedge against inflation. Market pundits believe investors search for a new inflation hedge has brought them to the crypto market as well as the stock market. The Asian market closed on a record high while the major European stocks surge to new highs as well.
Most investors are still waiting for the US Inflation data which could possible help the crypto market further. Bitcoin has emerged as the primary inflation hedge for even mainstream investors as visible during the last Covid wave in the first quarter of this year. At the time when gold and other inflation hedges were on a downturn, BTC rose to new highs and its doing something similar now as well.
“This breakout in bitcoin might signal the start of a final push-up for the fourth quarter before the crypto market shows more pronounced consolidation into next year. Strength in bitcoin, ethereum and many other altcoins looks likely in the weeks to come.” Fundstrat said in a report on Monday.