Bitcoin (BTC) is currently trading at $73,500, just $300 shy of a new all-time high, according to a recent report by K33 Research. Despite an 8% gain over the past week, trading volumes remain subdued, suggesting a healthy buildup rather than panic buying. Ethereum (ETH) is also lagging behind, with the ETH/BTC trading pair at multi-year lows.
The report highlights that Bitcoin’s latest rally lacks the typical euphoria seen in previous bull runs, indicating a maturing asset poised for sustained growth amid favorable market conditions and upcoming election influences. Institutional demand for Bitcoin has increased, with futures contract market conditions showing a more balanced and less leveraged environment compared to earlier in the year.
CME futures premiums remain stable, reflecting a more measured approach among investors. ETF flows suggest robust institutional interest in Bitcoin, supporting the expectation of continued gains. The report also predicts potential market gains if former US president Donald Trump wins the election, as his supportive stance on digital assets could spark a surge across the crypto market.
On the other hand, Vice President Kamala Harris’ win might temper this momentum but also potentially remove uncertainty from the market, favoring Bitcoin and the overall crypto industry. At the time of writing, Bitcoin is ranked #1 by market cap with a total market capitalization of $1.45 trillion and a 24-hour trading volume of $57.1 billion. The total crypto market is currently valued at $2.46 trillion with a 24-hour volume of $113.42 billion and a Bitcoin dominance of 58.94%.
