The cryptocurrency market appears calm on the last day of October. Bitcoin (BTC) shows a slight increase of 0.9% in the last 24 hours, after a new attempt to reach US$73,000 at the close of the US session on Wednesday. According to data from CoinGlass, the leading cryptocurrency is on track to close the month with a revaluation of more than 10%, reaffirming October as its most bullish month.
Meanwhile, altcoins show mixed behavior. Ethereum (ETH) surprises on the downside, falling 1.3% to around $2,630. Other cryptocurrencies such as Solana (SOL) and XRP also show moderate drops, while Toncoin (TON) and Binance Coin (BNB) experience drops of 2%. In contrast, Cardano (ADA), Tron (TRX), Dogecoin (DOGE), and Shiba Inu (SHIB) have seen increases between 1% and 2%.
Although markets are showing signs of calm following Bitcoin’s recent attack on all-time highs, analysts maintain an optimistic approach. A key factor in this enthusiasm is the significant flow of funds into Bitcoin spot ETFs, which have seen net inflows of $870 million and $893 million in the past two days, totaling approximately $3 billion in the last two weeks.
Bitcoin: on the way to a “bull run”
A Bitcoin “bull run” refers to a period of time in which the price of Bitcoin (and often that of other cryptocurrencies) experiences a significant and sustained increase. During a bull run, investor confidence and interest in the market tends to be high, which drives demand and, consequently, prices.
The recent behavior of the price of Bitcoin is notable, as it once again approaches its all-time high. Although the short-term price action is exciting, it is critical to note that no matter what happens in the coming weeks, In the long term, Bitcoin has significant growth potential.
In the last decade, Bitcoin has positioned itself as the best-performing asset, with an average annual growth rate of 59%, far surpassing traditional investments such as stocks (15%), commodities (12%), gold (9.4%). , real estate (5.6%), emerging markets (2.6%) and bonds (0.78%).
Several elements support Bitcoin’s sustained strength: increasing institutional adoption, the inherent scarcity of the cryptocurrency, and a macroeconomic environment that has been shaped by expansionary monetary policies. Institutional demand continues to rise, with Bitcoin ETFs attracting significant interest from major financial institutions. This year, the Bitcoin ETF in the US has reached inflows exceeding $20 billion, demonstrating the growing integration of Bitcoin into financial products.
The scarcity of Bitcoin, with a maximum supply of 21 million coins and the decrease in the issuance of new coins following the recent halving event, has also been a crucial factor behind the rise in its price. Historically, halvings have preceded significant price increases, often lagged by more than 100 days.
Furthermore, macroeconomic conditions play an important role. The unprecedented money printing by central banks worldwide has driven inflation, leading governments, companies and individuals to seek assets that serve as a refuge from currency devaluation. In this context, Bitcoin has proven to be a more attractive option than gold. The US Federal Reserve has begun a cycle of monetary easing after a period of adjustment, and other countries, such as China, are following the same path.
Another relevant aspect is the trend towards de-dollarization. Although the US dollar remains the dominant global reserve currency, its share has slowly declined, falling an average of 0.52 percentage points per year since 1999. Factors such as the use of the dollar as a sanctions tool have led countries to explore alternative reserves , which in turn strengthens assets like Bitcoin and gold.
With a market capitalization of approximately $1.2 trillion, Bitcoin is already compared to large corporations and some commodities. If its capitalization reached that of silver, which is about 1.8 trillion, the price of one Bitcoin could rise to approximately US$108,020.
These factors suggest that Bitcoin’s value is set to increase significantly in the future. As adoption intensifies and the factors supporting its value consolidate, Bitcoin is not only proving resilient, but is also setting the stage for potentially unprecedented growth.
Source: Ambito
I am an author and journalist who has worked in the entertainment industry for over a decade. I currently work as a news editor at a major news website, and my focus is on covering the latest trends in entertainment. I also write occasional pieces for other outlets, and have authored two books about the entertainment industry.
