Bitcoin (BTC)’s positive trading momentum continued this week, with a remarkable 5% rise in the last 24 hours, bringing its value close to the $30,000 mark, according to data from CryptoSlate. In the past week, the leading digital currency has risen by 10%.
This growth has led to a remarkable $30 billion increase in BTC’s market capitalization during this reporting period. Data from CryptoSlate shows BTC’s market capitalization has grown to around $580 billion from $550 billion recorded on October 19.
Market analysts attribute this bullish performance to the possible approval of the first BTC-based exchange-traded fund (ETF) by the US Securities and Exchange Commission (SEC). Bloomberg analysts have given a high 90% chance of such an approval, citing recent engagements between the regulator and fund issuers.
Earlier in the week, a false report of ETF approval briefly pushed the price of Bitcoin above $30,000 before recovering to around $28,000 when the misinformation was corrected. BlackRock CEO Larry Fink called the market’s reaction to the news a sign of “frozen interest” in the product.
Meanwhile, these price moves are in line with predictions from prominent crypto firms such as Matrixport and CryptoQuant, suggesting that Bitcoin could surpass $50,000 if the SEC greenlights a spot ETF application.
Altcoins are on the rise
BTC’s positive momentum has also catalyzed significant price increases for altcoins such as Ethereum, Solana, and XRP.
In the last 24 hours, Ethereum (ETH) has seen a 4% price increase, reaching $1,609. This uptrend is consistent with last week’s price action, gaining 4%.
It is worth noting that ETH’s price performance remains comparatively sluggish among the top 10 digital assets, despite the recent launch of multiple ETFs linked to it.
Meanwhile, Solana (SOL) emerged as the top performer among the top 10 digital assets over the past 24 hours, posting a remarkable 13% rise to around $27—its highest valuation since July.
Additionally, XRP posted its most significant daily gain in three months, rising 7.1% to $0.51386. That push came in response to the Securities and Exchange Commission’s decision to dismiss charges against key executives at its parent company, Ripple.
On October 19, the financial regulator dropped allegations of securities violations against CEO Brad Garlinghouse and co-founder Chris Larsen.