Disclaimer: Information found on CryptoreNews is those of writers quoted. It does not represent the opinions of CryptoreNews on whether to sell, buy or hold any investments. You are advised to conduct your own research before making any investment decisions. Use provided information at your own risk.
CryptoreNews covers fintech, blockchain and Bitcoin bringing you the latest crypto news and analyses on the future of money.
Bitcoin’s (BTC) favorable trading trend has continued this week, with a significant 5% increase in the last 24 hours, bringing its price near the $30,000 threshold, as reported by CryptoSlate. In the past week, the leading cryptocurrency has risen by more than 10%.
This increase has resulted in a substantial $30 billion boost in BTC’s market capitalization during this reporting period. According to data from CryptoSlate, BTC’s market cap has climbed to roughly $580 billion in the early hours of today, up from the $550 billion noted on Oct. 19.
Market experts link this optimistic performance to the potential approval of the first BTC-based spot exchange-traded fund (ETF) by the U.S. Securities and Exchange Commission (SEC). Analysts from Bloomberg have assigned a high 90% likelihood for such approval, referencing recent interactions between the regulator and fund issuers.
Earlier this week, a false report regarding ETF approval temporarily elevated Bitcoin’s price above $30,000 before it corrected to around $28,000 following the clarification of the misinformation. BlackRock CEO Larry Fink described the market’s response to this news as indicative of “pent-up interest” in the product.
Additionally, these price fluctuations align with forecasts from notable crypto firms such as Matrixport and CryptoQuant, which suggest that Bitcoin could potentially exceed $50,000 if the SEC approves a spot ETF application.
Altcoins rise
Related Posts
BTC’s upward momentum has also sparked significant price increases for altcoins like Ethereum, Solana, and XRP.
In the last 24 hours, Ethereum (ETH) saw a 4% price increase, reaching $1,609. This upward trend is consistent with its price movement over the past week, where it has also gained 4%.
It is important to note that ETH’s price performance remains relatively muted among the top 10 digital assets, despite the recent introduction of several ETFs associated with it.
Meanwhile, Solana (SOL) stood out as the top performer among the leading digital assets in the last 24 hours, achieving an impressive 13% increase to approximately $27—its highest price since July.
Furthermore, XRP recorded its largest daily gain in the past three months, rising by 7.1% to $0.51386. This increase followed the SEC’s decision to drop charges against key individuals at its parent company, Ripple.
On Oct. 19, the financial regulator dismissed the allegations of securities violations against CEO Brad Garlinghouse and co-founder Chris Larsen.
The post Bitcoin nears $30,000 as ETF approval anticipation stirs market appeared first on CryptoSlate.
