Bitcoin prices hit another all-time high in late trading on Wednesday, Nov. 13, when it tapped $93,477, according to CoinGecko.<\/p>\n
However, the asset had since retreated to around $90,000 during the Thursday morning Asian trading session.<\/p>\n
The correction was a blip as BTC continued higher adding to its 20% weekly gains<\/a>. Bitcoin has now added a whopping $24,000 since the beginning of November, spurred primarily by Donald Trump\u2019s US presidential election victory.<\/p>\n Bitcoin ETFs are by far the majority driving force of demand right now, \u201csoaking up almost all of the selling by long-term holders,\u201d observed analyst James Check on Nov. 14.<\/p>\n The #Bitcoin<\/a> ETFs are by far the majority driving force of $BTC<\/a> demand right now, soaking up almost all of the selling by Long-Term Holders.<\/p>\n CME open interest is not growing meaningfully, reinforcing that this is a spot driven rally. pic.twitter.com\/LpD4xrO7dC<\/a><\/p>\n \u2014 _Checkmate (@_Checkmatey_) November 13, 2024<\/a><\/p>\n\n Wednesday was another bumper day for spot ETF inflows, with $510 million entering the eleven Bitcoin funds in the US. A whopping $4.7 billion has entered these spot Bitcoin ETFs over the past six consecutive trading days, according<\/a> to Farside Investors.<\/p>\n Bloomberg ETF analyst Eric Balchunas commented<\/a> that BlackRock\u2019s IBIT fund is now in the top 1% of all ETFs by assets, and at 10 months old, it is bigger than all 2,800 ETFs launched in the past ten years.<\/p>\n He added that things were seeming to cool off until IBIT hit $5 billion in daily volume for the first time ever. The BlackRock Bitcoin ETF saw an inflow of $230 million on Nov. 13.<\/p>\n I thought things were cooling off, but no, $IBIT<\/a> just saw $5b in volume today for first time ever. Only 3 ETFs and 8 stocks saw more action today. Up to $13b in 3 days this week. Its peers seeing heightened volume too but smaller scale. $FBTC<\/a> did $1b, biggest day since March. pic.twitter.com\/9SQP5oPsMM<\/a><\/p>\n \u2014 Eric Balchunas (@EricBalchunas) November 13, 2024<\/a><\/p>\n\n Blockchain betting platform Polymarket now has 61% odds that Bitcoin will reach six figures by the end of this month, and it is just 10% away from that milestone at the moment.<\/p>\n The altcoins are still being left behind with Bitcoin dominance topping 61% with its new price peak. However, total market capitalization has returned<\/a> to its all-time high of $3.12 trillion.<\/p>\n Ethereum<\/a> climbed to $3,300 but retreated back to $3,200 during Thursday morning trading. Solana (SOL) and Cardano (ADA) are showing 3-4% daily gains, but the rest of the altcoins remain flat.<\/p>\n That is aside from the PEPE meme coin, which skyrocketed<\/a> by 74% following a listing on Coinbase and Robinhood. Dogwifhat (WIF) has also surged 35% on the day as Coinbase listed it and added support for the meme coin on Solana.<\/p>\n Economist Alex Kr\u00fcger observed how meme coins appear to be dominating this cycle.<\/p>\n Bitcoin aside, crypto now is mostly about memecoins. That\u2019s what people wants. Full-stop.<\/p>\n And exchanges are giving it to them. That\u2019s what the Binance listings of PNUT and ACT and the Coinbase listings of PEPE and WIF tell you.<\/p>\n \u201cAnyone can make it big, don\u2019t stop hustling\u201d.\u2026<\/p>\n \u2014 Alex Kr\u00fcger (@krugermacro) November 13, 2024<\/a><\/p>\n\n The post High Spot Bitcoin ETF Demand Pushed BTC to New ATH Above $93K<\/a> appeared first on CryptoPotato<\/a>.<\/p>","protected":false},"excerpt":{"rendered":" Bitcoin prices hit another all-time high in late trading on Wednesday, Nov. 13, when it tapped $93,477, according to CoinGecko. However, the asset had since retreated to around $90,000 during the Thursday morning Asian trading session. The correction was a blip as BTC continued higher adding to its 20% weekly gains. Bitcoin has now added […]<\/p>\n","protected":false},"author":0,"featured_media":20377,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[4],"tags":[],"class_list":["post-20376","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-discovery"],"_links":{"self":[{"href":"https:\/\/mycryptomania.com\/index.php?rest_route=\/wp\/v2\/posts\/20376"}],"collection":[{"href":"https:\/\/mycryptomania.com\/index.php?rest_route=\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/mycryptomania.com\/index.php?rest_route=\/wp\/v2\/types\/post"}],"replies":[{"embeddable":true,"href":"https:\/\/mycryptomania.com\/index.php?rest_route=%2Fwp%2Fv2%2Fcomments&post=20376"}],"version-history":[{"count":0,"href":"https:\/\/mycryptomania.com\/index.php?rest_route=\/wp\/v2\/posts\/20376\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/mycryptomania.com\/index.php?rest_route=\/wp\/v2\/media\/20377"}],"wp:attachment":[{"href":"https:\/\/mycryptomania.com\/index.php?rest_route=%2Fwp%2Fv2%2Fmedia&parent=20376"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/mycryptomania.com\/index.php?rest_route=%2Fwp%2Fv2%2Fcategories&post=20376"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/mycryptomania.com\/index.php?rest_route=%2Fwp%2Fv2%2Ftags&post=20376"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}ETFs Driving Bitcoin Demand<\/h2>\n
Total Cap Back at Peak<\/h2>\n