Crypto Week Ahead: Bitcoin Enjoys Rare Streak As It Touches 1.5-Year High

Over the past seven days, Bitcoin (BTC) price achieved a high of $37,904.13.

Bitcoin (BTC) managed to climb above the $37,000 mark for the first time since May 2022 on Monday. The world’s oldest and most valued crypto has experienced a notable four-week ascent, presently maintaining a trading position surpassing $37,000. This surge, marking a 40 percent increase, can be attributed to growing anticipations surrounding spot ETFs. Notably, institutional and whale interest has seen a remarkable uptick, registering an 80 percent spike. Over the past week, a substantial $230 million in Bitcoin has been deposited into exchanges, indicating a heightened demand. Market sentiment remains optimistic, with prevailing bullish expectations pointing towards a continuation of this trend in the upcoming week.

Before we proceed further, readers should note that the overall crypto market and coin prices are extremely volatile in nature. There are no foolproof methods to ascertain how cryptocurrencies are expected to behave in the future. This article is aimed at helping investors stay on top of the current market scenarios and the biggest events that have already taken place as well as some upcoming occurrences that are worth noting. Investors are advised to do their own research before taking any call. 

Crypto Prices Over The Past Week

Last Monday (November 6), the overall crypto market cap stood at $1.38 trillion. BTC price stood at around $35,030, ETH price stood at around $1,880.

A week later, the overall market cap jumped to $1.42 trillion.

DeFi's total volume stands at $7.77 billion, at 16.07 percent of the total market 24-hour volume. In the case of stablecoins, the overall volume stands at $41.99 billion, at 86.82 percent of the total 24-hour market volume. As per CoinMarketCap, the overall market fear and greed index stood at ‘Greed’ with 76 points (out of 100) — seeing a significant boost in investors’ confidence when compared to last Monday.

BTC dominance, at the time of writing, stood at 51.17 percent.

Over the past seven days, Bitcoin achieved a high of $37,904.13 (on November 9) and a low of $34,613.02  (November 7).

Ethereum, on the other hand, saw a high of $2,128.71 (November 10) and a low of $1,857.88 (November 7).

Crypto Events To Note

In a recent development, Changpeng Zhao (popularly known as CZ), CEO of Binance, shared details of an incident on the X platform (formerly Twitter), where the cryptocurrency exchange effectively intervened to halt misappropriated funds last Friday. The incident involved a Binance client's executives who were reportedly kidnapped during a business trip in Montenegro. The perpetrators compelled the executives to empty their cryptocurrency wallets, resulting in a substantial loss amounting to approximately $12.5 million.

CZ affirmed that Binance's intervention proved successful, as approximately $11.8 million, representing 94.4 percent of the total stolen amount of $12.5 million, was successfully frozen. The incident underscores the ongoing challenges and security measures within the cryptocurrency space, with exchanges actively addressing and mitigating risks associated with such events.

In a positive development, in a survey conducted by the Autorité des marchés financiers (AMF) in France, encompassing more than a thousand newly engaged retail investors, findings reveal that 24 percent of adults in France have diversified their investment portfolios across various financial instruments. Notably, a significant segment of this demographic has chosen to invest in cryptocurrencies. 

Despite the continued prevalence of conventional investment options, the growing interest in crypto assets, particularly among the younger demographic, underscores a shift in generational investment preferences and the increasing acceptance of digital financial solutions within the nation.

Lastly, in a recent advisory, global investment bank JPMorgan has alerted investors to the improbability of a relaxation in US cryptocurrency regulations, despite the Securities and Exchange Commission (SEC) experiencing legal setbacks in several recent court cases involving crypto firms. Analysts at JPMorgan emphasised that the future regulatory landscape for the crypto industry remains uncertain, stating, "The extent of regulatory tightening within the crypto sector is not expected to diminish significantly in the coming period, given the prevailing lack of regulation in this industry."

What Crypto Traders Are Saying About Current Market Scenario

Mudrex co-founder and CEO Edul Patel told ABP Live, “Bitcoin is on a four-week upward trend, currently trading above $37,000, having surged 40 percent recently amid rising spot ETF expectations. Institutional and whale demand has spiked by 80 percent, with $230 million in Bitcoin deposited into exchanges in the past week. Bullish sentiments prevail, expecting a similar trend in the coming week.”

Subscribe And Follow ABP Live On Telegram: t.me/officialabplive

Disclaimer: Crypto products and NFTs are unregulated and can be highly risky. There may be no regulatory recourse for any loss from such transactions. Cryptocurrency is not a legal tender and is subject to market risks. Readers are advised to seek expert advice and read offer document(s) along with related important literature on the subject carefully before making any kind of investment whatsoever. Cryptocurrency market predictions are speculative and any investment made shall be at the sole cost and risk of the readers.