Bitcoin's price surged past the $73,500 mark on Tuesday, propelled by afternoon momentum. This impressive performance further solidifies Bitcoin's dominance in the crypto market. By 3 p.m. EDT, it had reached $73,600 on Bitstamp. As a result, Bitcoin's market cap now stands at a remarkable $1.44 trillion, accounting for more than 58% of the total crypto economy, which is valued at $2.46 trillion. Bitcoin's trading volume over the past 24 hours is an impressive $65.38 billion, out of the entire crypto market's $113 billion.
In terms of trading pairs, USDT, USD, FDUSD, USDC, KRW, and EUR are currently leading the way. According to coingecko.com, Binance and Coinbase are the top exchanges for Bitcoin trading. The futures market is also thriving, with open interest reaching $44.15 billion, according to coinglass.com. QCP Capital attributes Bitcoin's recent gains to several factors, including strong inflows into spot ETFs, which attracted nearly $1 billion in investments last week.
In a surprising development, QCP analysts have revealed that Emory University has invested $15 million in the Grayscale Bitcoin Mini Trust. This marks the first known university endowment to venture into digital assets, indicating a growing interest from traditionally conservative funds. The Singapore-based firm also highlighted the positive impact of a potential victory for Donald Trump in the upcoming elections, as it would benefit both stocks and Bitcoin.
QCP Capital believes that Bitcoin is well-positioned to outperform equities in the medium term, as a Trump administration's fiscal policies could lead to wider deficits and increased inflation. This, in turn, might prompt the Federal Reserve to consider rate cuts in 2025. As election-related volatility continues to rise, reaching 64%, QCP notes the potential for further increases. Although the call skew has slightly eased with Bitcoin stabilizing above $70,000, the analysts observe that perpetual open interest across exchanges is at an annual peak, indicating traders' strong positions for future gains. At the time of writing, at 4:10 p.m. Eastern Time on October 29th, Bitcoin is trading at $72,428 after a minor decline from its peak earlier in the day.