The optimism among community members around the US’ expected approval of BTC ETFs is fuelling the market with hope.
The overall crypto market cap went up by 8.57 percent in the last 24 hours
Photo Credit: Pixabay/ WroldSpectrum
Bitcoin on Tuesday, October 24 spiked in price by a notable 11 percent. For the first time this year, the value of Bitcoin rose to the mark of $33,623 (roughly Rs. 27.9 lakh). In fact, Bitcoin has now attained its 16-month high with today's pricing. The optimism among community members around the US' expected approval of BTC ETFs is fuelling the market with hope. Over the last day, the value of BTC rose heavily by $3,356 (roughly Rs. 2.78 lakh).
Eric Balchunas, a senior ETF analyst at Bloomberg, disclosed on X that the iShares Bitcoin Trust from BlackRock has been listed on the website of the Depository Trust and Clearing Corporation with the ticker iBTC, causing prices of most altcoins to boom.
Ether saw a price surge of 7.61 percent on Tuesday. This took the value of ETH to $1,813 (roughly Rs. 1.50 lakh). In the last 24 hours, ETH increased notably by $125 (roughly Rs. 10,380).
In a rather conventional market movement, majority cryptocurrencies clocked price surges in recent hours, tailing behind Bitcoin and Ether up the ladder. The excitement towards BTC ETFs in the US is driving up the prices of several altcoins.
These cryptocurrencies include Binance Coin, Ripple, Cardano, Dogecoin, Litecoin, and Polygon.
Polkadot, Shiba Inu, Avalanche, Stellar, and Monero are also trading in the greens today.
The overall crypto market cap went up by 8.57 percent in the last 24 hours and has now hit the $1.27 trillion (roughly Rs. 1,05,47,032 crore) mark, shows CoinMarketCap.
However, a bunch of cryptocurrencies, did fail to see any gains today.
Tether, USD Coin, Solana, Leo, Cronos, and Binance USD are amongst altcoins trading in losses today.
The trajectory of crypto adoption can however, see a jump if the US approves BTC ETFs there. A Bitcoin ETF would allow people to invest in and own Bitcoin without having to make a direct purchase from an exchange. The authorities in the US are yet to give a concrete decision on BTC ETF approvals.
Cryptocurrency is an unregulated digital currency, not a legal tender and subject to market risks. The information provided in the article is not intended to be and does not constitute financial advice, trading advice or any other advice or recommendation of any sort offered or endorsed by NDTV. NDTV shall not be responsible for any loss arising from any investment based on any perceived recommendation, forecast or any other information contained in the article.
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