The broader crypto market, led by Bitcoin (BTC), recorded a mild rebound on Friday, November 7. The total crypto market capitalization rose 4% and hovered around $3.49 trillion at the time of writing.
Bitcoin price recovered 3% and was trading above $103.6k at the time of writing. Ethereum (ETH) rose over 4%, trading around a crucial liquidity reserve of around $3,446.
Top reasons why the crypto market soared today
Selective Altcoin Surge: Privacy-Focused Altcoins Have Outperformed the Rest of the Crypto Market
The crypto market posted mild gains on Friday after several altcoins – led by NEAR, ZEC and DASH – posted tangible gains over the past week. As such, renewed optimism about a potential altcoin season boosted Friday’s mild crypto rebound.
Institutional Momentum: Renewed Whale Demand Amid ETF Hype
Institutional demand for crypto assets has gradually returned after a period of lull. On Friday, JPMorgan and Ark Invest announced a notable stake in BitMine, which is heavily invested in the Ethereum market.
According to on-chain data analysis, Bitcoin whales have been buying the dip in recent days. According to on-chain data analysis of SantimentBitcoin addresses with balances between 1k and 10k added 10k coins in the last 24 hours, increasing their holdings to 4.22 million coins.
Over the past week, Bitcoin whales have amassed 30,000 BTCs, worth more than $3 billion.
What’s next?
The crypto bull market has yet to experience the full potential of mainstream institutional adoption, fueled by clear regulations in top jurisdictions. With the ongoing US government shutdown, little capital is flowing into the artificial intelligence space and little into crypto.
However, the situation is expected to change after the Federal Reserve starts its quantitative easing (QE) next month.
Trust CoinPedia:
CoinPedia has been providing accurate and timely cryptocurrency and blockchain updates since 2017. All content is created by our expert panel of analysts and journalists, following strict editorial guidelines based on EEAT (Experience, Expertise, Authoritativeness, Trustworthiness). Each article is fact-checked from reputable sources to ensure accuracy, transparency and reliability. Our review policy ensures unbiased evaluations when recommending exchanges, platforms or tools. We strive to provide timely updates on everything crypto and blockchain, from startups to industry majors.
Investment disclaimer:
All opinions and insights shared represent the author’s own views on current market conditions. Please do your own research before making any investment decisions. Neither the writer nor the publication accepts responsibility for your financial choices.
Sponsored and Ads:
Sponsored content and affiliate links may appear on our site. Ads are clearly marked and our editorial content remains completely independent from our advertising partners.