Bitcoin came within striking distance of the historic $100,000 mark, reaching $99,645 on November 22.
Bitcoin's price experienced a brief setback last week, dipping to around $92,500. However, the cryptocurrency has since shown signs of recovery, once again hovering in the $96,000 range with its sights set on the elusive $100,000 mark. This recent upward momentum in Bitcoin's price has been fueled by a surge in investor interest in spot Bitcoin ETFs, following notable outflows on November 25 and 26.
According to ETF tracker Farside, Bitcoin ETFs saw significant inflows on November 27 and 29, totaling $103 million and $320 million, respectively. Among the Bitcoin ETFs, BlackRock's (BLK +0.08%) iShares Bitcoin Trust (IBIT -1.32%) saw outflows of $30 million and $60 million on those respective days.
Other crypto ETFs are also on the horizon. Other cryptocurrencies have experienced recent upswings as well due to the potential arrival of new crypto ETFs. XRP, the native token of the XRP Ledger, an open-source blockchain, has skyrocketed to its highest level since May 2021, peaking at $2.44 on Monday morning. The rally is fueled by mounting speculation over a potential XRP exchange-traded fund (ETF).
On Monday, global ETF provider WisdomTree took a significant step by registering an XRP ETF in Delaware. Adding to the momentum, the European XRP ETP has been rebranded as the Bitwise Physical XRP ETP, as Ripple said it would invest in the fund.
Similarly, Hedera, a decentralized public network designed to build secure, scalable, and fast decentralized applications (dApps), is on a big upward trajectory as Canary Capital has filed an S-1 registration with the U.S. Securities and Exchange Commission (SEC) to launch an HBAR exchange-traded fund (ETF). If approved, this ETF would offer investors a streamlined way to gain exposure to the cryptocurrency’s price, fueling optimism in the market.
Currently, Hedera is trading at $0.2815, reflecting an impressive 75% growth over the past seven days.
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