Bitcoin Soars Toward New Highs: What’s Driving Demand in 2024?

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In the latest YouTube video, Altcoin Daily has shared some insights on how Bitcoin is soaring and is just about to break through its all-time highs of and just short of 1% of its highs seen earlier in 2024. The big question is how much higher could we go and who exactly is buying so much Bitcoin right now? 

While Satoshi Nakamoto tops the top Bitcoin holders list in the world, Binance, Grayscale, MicroStrategy, and the US Government follow behind. 

Bloomberg ETF analyst Eric Balchunas in a latest tweet highlighted that the US spot ETFs are scheduled to hit 1 million bitcoins held by next Wednesday and pass Satoshi by mid-December, all before the ETFs even turn one year old.  Notably, they’ve been adding about 17,000 BTC a week. However, he also noted that while this may also be delayed due to instances like a violent selloff, but still inevitable. On the flip side, if prices keep going up and Trump wins, he shared that the FOMO could kick in and all of it could happen faster. 

The number of Bitcoins bought by ETFs in the last week stands at 15,194 while the amount of Bitcoin mined in the last week is just 3,150, which shows that the demand is outpacing the supply. Crypto analyst Miles Deutscher noted that while BTC stood at $71,000 in March, the Coinbase appstore ranking was 20. And now when BTC is back to the $71,000 level, Coinbase appstore ranking is 482. He underscored that the Price is the EXACT SAME, but retail isn’t back at all. “It’s scary how much higher we’re going,” he shared. 

In the latest tweet, he also revealed how the BTC spot ETF inflows are ‘going parabolic’ noting that $3.8B of inflows in the past 17 days alone.

In another piece of bullish news, BlackRock CEO Larry Fink predicts at least another 25bps rate cut before the year’s end, which could have a lot of implications on the market. 

Why the altcoins not moving up?

While the flagship crypto is topping the charts, altcoins are not going up in the same momentum. The reason is that Bitcoin’s dominance is going up. The dominance has hit above 60%. Notably, In 2021, the Bitcoin dominance got as high as 73%. Like the altcoin seasons of the past when Bitcoin dominance went from 73% to 39% in 5 months, something similar could be seen in 2025 as well. 

Nevertheless, it is going to be a big year for Bitcoin and the crypto market at large. Stay tuned for further updates.