Bitcoin Price Surges to Highest Since June, Experts Weigh In on Future Trends

As of October 29, 2024, the price of Bitcoin has reached its highest level since June, touching $69,793.19 per BTC, according to Binance.

This recent surge in Bitcoin’s price contrasts with the performance of Ethereum, which has dropped 7% over the past week to $2,525. This discrepancy is notable because the two largest cryptocurrencies typically move in tandem. However, the launch of spot Bitcoin exchange-traded funds (ETFs) and the ongoing memecoin frenzy have significantly bolstered Bitcoin’s price.

Experts attribute the difference in performance between Bitcoin and Ethereum to the varying levels of interest from traditional investors and regulators. Spot Bitcoin ETFs have seen a total inflow of almost $22 billion since their launch in January, while spot Ether ETFs have experienced a net outflow of more than $504 million since July.

Despite Ethereum’s current decline, some analysts remain optimistic about its future. Shauli Rejwan, managing partner at Masterkey.VC, suggests that it is too early to count Ethereum out and predicts that Wall Street interest in Ether could materialize in the coming months.

The upcoming US elections could also introduce volatility into the market, potentially benefiting Ethereum in the short term. However, this volatility can also serve as an exit point for investors, adding uncertainty to Ethereum’s price trajectory.

In the broader crypto market, other layer 1 protocols like Solana have seen gains, with Solana’s cryptocurrency rising almost 7% over the past seven days. This indicates a shift in investor interest towards other cryptocurrencies while Bitcoin continues to dominate.