{"id":7077,"date":"2023-10-30T12:06:43","date_gmt":"2023-10-30T12:06:43","guid":{"rendered":"https:\/\/infundpros.com\/markets\/crypto\/bitcoins-climb-to-35000-fuels-surge-in-crypto-trading-activity-is-the-bull-market-starting\/"},"modified":"2023-10-30T12:06:44","modified_gmt":"2023-10-30T12:06:44","slug":"bitcoins-climb-to-35000-fuels-surge-in-crypto-trading-activity-is-the-bull-market-starting","status":"publish","type":"post","link":"https:\/\/infundpros.com\/?p=7077","title":{"rendered":"Bitcoin&#8217;s Climb to $35,000 Fuels Surge in Crypto Trading Activity \u2013 Is the Bull Market Starting?"},"content":{"rendered":"<div>\n<figure id=\"attachment_122677\" aria-describedby=\"caption-attachment-122677\" style=\"width: 640px\" class=\"wp-caption aligncenter\"><noscript><\/noscript><figcaption id=\"caption-attachment-122677\" class=\"wp-caption-text\">Source: Pexels<\/figcaption><\/figure>\n<p>The cryptocurrency market has found new momentum by a recent rally that propelled Bitcoin\u2019s value towards the $35,000 mark.<\/p>\n<p>The surge in price has not only caught the attention of investors but has also sparked a renewed interest in crypto trading, leading to a significant increase in daily exchange volumes.<\/p>\n<p>According to data from The Block, the seven-day moving average for spot exchange volumes across reputable platforms breached an impressive $24 billion on October 26, a level not seen since the end of March.<\/p>\n<p>The sudden resurgence in market activity can be attributed to several factors.<\/p>\n<p>One key driver is the buzz surrounding the potential launch of a spot Bitcoin exchange-traded fund (ETF).<\/p>\n<p>Advocates believe that the introduction of a spot Bitcoin ETF would pave the way for an influx of capital into the market, creating new avenues for investment and further propelling the price of Bitcoin.<\/p>\n<p>As traders await the launch of an ETF, the resulting speculation has injected a level of volatility into the market not seen since April.\n<\/p>\n<h2>Some Believe Bitcoin Bull Market Has Started<\/h2>\n<p>\nAs <span data-preserver-spaces=\"true\">reported<\/span>, crypto financial services platform Matrixport believes Bitcoin\u2019s fifth bull run has already started and could see the flagship cryptocurrency reach an impressive $125,000 by December 2024.<\/p>\n<p>\u201cThis bull market officially commenced on June 22, 2023, when Bitcoin reached a new one-year high for the first time in a year. Historically, when this signal was triggered, Bitcoin has delivered, on average, returns of +310%,\u201d the company said in a report last week.<\/p>\n<p>In another confirmation of the Bitcoin bull market, the leading cryptocurrency\u2019s market dominance <span data-preserver-spaces=\"true\">has reached 54%<\/span>, its highest level in more than two and a half years.<\/p>\n<p>The steady increase in Bitcoin dominance, starting from around 38% at the beginning of the year, comes amid its year-long rally, with the flagship cryptocurrency surging by 81% since the start of 2023.<\/p>\n<p>Meanwhile, Matrixport <span data-preserver-spaces=\"true\">has predicted<\/span> a major Bitcoin rally if a spot ETF hits the market.<\/p>\n<p>Comparing this to the precious metals ETFs, which have a market cap of around $120 billion, assuming that 10-20% of precious metal ETF investors consider diversifying into a Bitcoin ETF as a hedge against monetary debasement and inflation, Matrixport said we could witness an inflow of $12 to $24 billion into the Bitcoin ETF.<\/p>\n<p>\u201cIf Tether\u2019s market cap increases by $24 billion, acting as a proxy for potential ETF inflows, Bitcoin\u2019s price would rise to $42,000, representing a conservative estimate.\u201d<\/p>\n<div class=\"newsletter home-newsletter single\">\n<div class=\"left-side\">\n<p>\n        <em><br \/>\n            Enter your email for our Free Daily Newsletter        <\/em>\n    <\/p>\n<p> A quick 3min read about today&#8217;s crypto news!<\/p>\n<p>    <span class=\"response-msg\" id=\"newsletter-response\"><\/span>\n<\/div>\n<\/p><\/div>\n<\/p><\/div>\n<p>Read the full article <a href=\"https:\/\/cryptonews.com\/news\/bitcoins-climb-to-35000-fuels-surge-in-crypto-trading-activity-is-the-bull-market-starting.htm\" target=\"_blank\" rel=\"noopener\">here<\/a><\/p>\n","protected":false},"excerpt":{"rendered":"<p>Source: Pexels The cryptocurrency market has found new momentum by a recent rally that propelled Bitcoin\u2019s value towards the $35,000 mark. The&#8230;<\/p>\n","protected":false},"author":1,"featured_media":7078,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[28],"tags":[],"class_list":{"0":"post-7077","1":"post","2":"type-post","3":"status-publish","4":"format-standard","5":"has-post-thumbnail","7":"category-crypto"},"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v21.3 - https:\/\/yoast.com\/wordpress\/plugins\/seo\/ -->\n<title>Bitcoin&#039;s Climb to $35,000 Fuels Surge in Crypto Trading Activity \u2013 Is the Bull Market Starting? | inFundPros<\/title>\n<meta name=\"description\" content=\"Source: Pexels The cryptocurrency market has found new momentum by a recent rally that propelled Bitcoin\u2019s value towards the $35,000 mark. 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