Bitcoin Hits the $38K Milestone, Crypto Market Soars on ETF Hopes
Bitcoin’s price nudged past $38,000 for the first time in roughly eighteen months, climbing to around $38,016 over the last 24 hours. By Thursday morning, it sat near $37,843, giving traders a sweet little smile.
What’s Driving This Bull Run?
- ETF Anticipation: Investors are buzzing with thoughts of an immediate‑shipping Bitcoin exchange‑traded fund. The idea that the SEC might greenlight a Bitcoin ETF in the near future is sending money into the market.
- Institutional Appetite: Big‑name players are eyeing Bitcoin more closely. With more institutional capital on the horizon, the price chart looks a lot steeper.
- Inactive Supply: A whopping 69% of all Bitcoin hasn’t moved in the past year. Less supply = more price power.
The delayed approval for Hashdex‑ and Grayscale‑styled funds didn’t throw a wrench into the upward juggle—Bitcoin is still climbing.
Other Cryptos Behind the Rise
- Ethereum: Up 3.92% to $2,055.03, with trading volume bumping up 2.05% to $12.85 B.
- BNB: Gained 2.98% to $252.61, volume rising 1.87% to $920.7 M.
- XRP: Jumped 3.63% to $0.6518, but volume slid 30.82% to $1.45 B.
- Solana: Leapt 15.33% to $65.48.
- Cardano: Rose 7.18% to $0.3825.
- Dogecoin (Meme Coin): Increased 5.32% to $0.07671, volume down 18.96% to $536.52 M.
- Shiba Inu: Up 4.53% to $0.000008766, volume down 8.16% to $166.55 M.
Market Snapshot
The total crypto market cap has surged 4.90% to a hefty $1.43 T, while daily volume has jumped 8.96% to $68.91 B on November 16th. The “Fear & Greed Index” sits at 77, a clear sign of bullish vibes in the crowd.
What’s Next?
Talk of an instant Bitcoin ETF approval looks set for January 2024. If the SEC clears the path then, both institutional and retail traders might find it a breeze to dive into Bitcoin in the new year.
Keep your portfolio ready—this bullish story is just getting started!
