Bitcoin Again Skyrockets To $35k, Amid Market Resilience & ETF Frenzy

Bitcoin has once again surged to a staggering $35,000, triggering a wave of renewed optimism among investors and market enthusiasts. The latest data from Santiment reveals that Bitcoin has clawed its way to a new 17-month high, marking a significant milestone for the cryptocurrency.

🥳 #Bitcoin scratched its way to a new 17-month high again today. Even better, #crypto market caps are growing as the #SP500 declines. This suggests that $BTC's & #altcoins' 2-year reliance on #equities is gone, a typical recipe for #bullmarket conditions. https://t.co/XXFph87pj6 pic.twitter.com/nVCqyt9t4Z

— Santiment (@santimentfeed) October 25, 2023

Moreover, crypto market capitalizations are on the rise, even as the S&P 500 experiences declines, signifying a notable shift away from the two-year-long reliance of Bitcoin and altcoins on traditional equities. This shift typically paves the way for bullish market conditions.

The crypto markets have remained buoyant this Wednesday, and the soaring prices of Bitcoin and other cryptocurrencies. Therefore, it can be largely attributed to the growing optimism surrounding the imminent exposure boost from probable ETF listings.

📰 #Crypto markets have continued to stay high Wednesday. #Bitcoin and other prices are being fueled by optimism surrounding the impending exposure rise from probable #ETF listings. With #Blackrock's #iShares relisted on the #DTCC, we saw yet another boost. 📈… pic.twitter.com/XVfy7tKOBA

— Santiment (@santimentfeed) October 25, 2023

Santiment also pointed out a noteworthy trend. While most traders focus on Bitcoin and Ethereum, mid-cap cryptocurrencies have experienced significant network growth surges.

Tokens like $AXS, $MANA, $FTM, $INJ, $MATIC, $DAI, $PEPE, $POWR, $QNT, and $AGIX have seen spikes in the creation of new wallets. This newfound interest in mid-cap coins suggests that their prices might have room to climb, providing fresh opportunities for investors.

The Mystery Behind Bitcoin’s Rally

The recent surge in BTC’s price has left many in the crypto community wondering about the driving forces behind this extraordinary rally. BTC witnessed a significant rally in the past week, sparked by two erroneous spot ETF stories.

The fact that BTC’s price has hardly retraced even after the revelation that the news of ETF approvals was false suggests that other factors might be at play, underpinning the cryptocurrency’s ascent.

To recap the recent events, Bitcoin was trading in a tight range of approximately $27,000 to $28,000 for weeks. It was only jolted above $30,000 after a media outlet erroneously reported that BlackRock’s spot ETF application had secured approval from the U.S. Securities and Exchange Commission (SEC).

Although the tweet was quickly debunked, BTC did not completely surrender its gains. A glimmer of hope arose when BlackRock’s Bitcoin ETF ticker, IBTC, appeared on the DTCC’s website, sparking SEC approval speculation. This led to a price spike, pushing BTC to $35,000.

The DTCC site’s ticker was misleading, leaving the status of a spot Bitcoin ETF uncertain, as revealed later. Bitcoin’s future is a thrilling rollercoaster of hope and uncertainty, defining the broader cryptocurrency market’s fate.

Related Reading | Neon Machine Secures $20M In Funding For Blockchain-based Game ‘Shrapnel’