“Bitcoin’s incredible ascent continues as it inches closer to the $30,000 mark, while the anticipation of ETF approval adds fuel to the already stirred market frenzy.”
Bitcoin’s positive trading momentum has continued this week, with a 5% gain in the last 24 hours, bringing its value close to the $30,000 mark, according to data from CryptoSlate. Over the past week, the leading digital currency has surged by over 10%.
This surge has also led to a notable $30 billion increase in Bitcoin’s market capitalization. Data from CryptoSlate shows that BTC’s market cap has risen to approximately $580 billion as of today, up from $550 billion recorded on October 19.
Market analysts attribute this bullish performance to the potential approval of the first Bitcoin-based spot exchange-traded fund (ETF) by the U.S. Securities and Exchange Commission (SEC). Bloomberg analysts have given a high 90% probability for such approval, citing recent engagements between the regulator and fund issuers.
Earlier in the week, a false report of an ETF approval briefly pushed Bitcoin’s price above $30,000 before it retraced to around $28,000 when the misinformation was corrected. BlackRock CEO Larry Fink characterized the market’s reaction to this news as a sign of “pent-up interest” in the product.
Meanwhile, these price movements are consistent with predictions from prominent crypto firms like Matrixport and CryptoQuant, suggesting that Bitcoin could surge beyond $50,000 if the SEC greenlights a spot ETF application.
Bitcoin’s positive momentum has also had a positive impact on altcoins such as Ethereum, Solana, and XRP. Ethereum experienced a 4% price uptick in the past 24 hours, reaching $1,609. However, its price performance remains comparatively subdued among the top 10 digital assets despite the recent launch of multiple ETFs linked to it.
Solana emerged as the standout performer among the top 10 digital assets, registering a remarkable 13% uptick in the last 24 hours to reach approximately $27, its highest valuation since July.
Additionally, XRP displayed its most substantial daily gain in the last three months, rising by 7.1% to $0.51386. This boost came in response to the SEC’s decision to dismiss charges against key figures at its parent company, Ripple. The financial regulator dropped the allegations of securities violations against CEO Brad Garlinghouse and co-founder Chris Larsen on October 19.
Overall, the positive trading momentum of Bitcoin and the resulting impact on altcoins suggest a positive outlook for the cryptocurrency market in the near future.