Analysts said two of the world's largest cryptocurrencies are riding waves of positive sentiment as exchange traded funds bitcoin and ethereum reached record levels.
US President-elect Donald Trump's pro-cryptocurrency stance continues to fuel the positive outlook, boosting btc and <a target="_blank" href="https://www.coingecko.com/en/coins/ethereum” target=”_blank” rel=”noopener nofollow”>eth reach unprecedented levels.
bitcoin Reaches $6.5 Billion in Net Inflows
Analysts showed that starting in November, exchange-traded funds (EFTs) of the first-born cryptocurrency recorded an all-time high of <a target="_blank" href="https://www.bloomberg.com/news/articles/2024-12-02/us-bitcoin–btc-ether-eth-etfs-log-record-inflow-on-trump” target=”_blank” rel=”noopener nofollow”>$6.5 billion in net inflowsa major milestone attributed to the incoming Trump administration.
Many market commentators predict that bitcoin could soon hit a record high of over $100,000 per coin; even American author Robert Kiyosaki posted on his x account that btc would be liquidated in approx. <a target="_blank" href="https://www.newsbtc.com/news/bitcoin/as-bitcoin-nears-100000-dont-be-left-behind-robert-kiyosaki-says/” target=”_blank” rel=”noopener nofollow”>$250,000 in 2025.
Analysts mentioned that since the beginning of 2024, the price of btc has already doubled, and noted that the cryptocurrency rose 45% after the US presidential election, noting that investor optimism about cryptocurrencies can be attribute to Trump's promise to make regulations friendlier. to digital assets.
At press time, bitcoin has been <a target="_blank" href="https://coinmarketcap.com/currencies/bitcoin/” target=”_blank” rel=”noopener nofollow”>listed at $95,721, with a drop of 1.8% in the last 24 hours and with a total market capitalization of 1.9 trillion dollars.
btc is getting even closer to the $100,000 mark, but continues to struggle to overcome this resistance level.
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Total crypto market cap hit $3.24 trillion today: TradingView.com
eth outperforms btc
crypto analysts commented that since Trump's election, ethereum has outperformed bitcoin as the leading altcoin has reached new heights, capitalizing on general optimism in the cryptocurrency sector.
Reports illustrated that ethereum ETFs hit an all-time high of $1.1 billion in net inflows, saying that eth is keeping up with bitcoin's rise.
Spot ethereum ETFs daily inflow record for November. Source: Farside
Analysts noted that a net inflow of $333 million was recorded from nine Ether EFTs on November 29, adding that BlackRock led the charge in which its ETHA had a total inflow of $2.1 billion.
In the last week of November, SosoValue revealed that Ether ETFs raised over $466 million and had an outflow of $71.60 million the previous week. Furthermore, its price also increased by 48% in the last seven days.
According to CoinGecko, the largest altcoin is trading at $3,619 with a total market capitalization of over $435 billion.
Image: DALL-E
Decreasing inventory
In a post, digital asset analyst Markus Thielen suggested that bitcoin supply could be running out, noting that there is a dwindling balance of bitcoin on cryptocurrency exchanges.
“Unlike late summer, when a sudden large inflow temporarily replenished foreign exchange balances, no additional inventory appears this time,” Thielen said on LinkedIn.
The analyst said that Bitfinex, Binance and Coinbase are the only crypto exchanges with enough bitcoin in their inventories.
Some reports suggested that the latest inflows into btc are significant and that a bearish outlook could be premature.
However, he noted that the cryptocurrency's market capitalization is growing, but its dominance is declining by 60% to 56%. Could this indicate that altcoin season has arrived?
Featured image of DALL-E, TradingView chart
