Ethereum

Solana

Bitcoin

Bitcoin’s (<a href="https://cryptoslate.com/coins/bitcoin/">BTC</a>) positive trading momentum has persisted this week, with a notable 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 driven a notable $30 billion increase in BTC’s market capitalization during this reporting period. Data from CryptoSlate indicates that BTC’s market cap has risen to approximately $580 billion as of today’s early hours from the $550 billion recorded on Oct. 19. 
Market analysts attribute this bullish performance to the potential approval of the first BTC-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 <a href="https://cryptoslate.com/contradictory-news-of-potential-greenlit-blackrock-bitcoin-etf-shoots-btc-to-30k-and-back/">report</a> 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, <a href="https://cryptoslate.com/blackrock-spot-bitcoin-etf-approval-could-catapult-btc-to-56000-matrixport/">suggesting</a> that Bitcoin could surge beyond $50,000 if the SEC greenlights a spot ETF application. 
<h2 id="altcoins-rise">Altcoins rise</h2> 
BTC’s positive momentum has also catalyzed significant price surges for altcoins such as Ethereum, Solana, and XRP. 
Over the past 24 hours, Ethereum (<a href="https://cryptoslate.com/coins/ethereum/">ETH</a>) experienced a 4% price uptick, reaching $1,609. This uptrend is consistent with its price movement over the past week, gaining 4%. 
It’s worth noting that ETH’s price performance remains comparatively subdued among the top 10 digital assets despite the recent <a href="https://cryptoslate.com/ethereum-etfs-launch-to-tepid-demand-bitcoin-and-solana-remain-favored-investment-products/">launch of multiple ETFs</a> linked to it. 
Meanwhile, Solana (<a href="https://cryptoslate.com/coins/solana/">SOL</a>) emerged as the standout performer among the top 10 digital assets during the last 24 hours, registering a remarkable 13% uptick to reach approximately $27—its highest valuation since July. 
Additionally, <a href="https://cryptoslate.com/coins/xrp/">XRP</a> 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. 
On Oct. 19, the financial regulator <a href="https://cryptoslate.com/sec-drops-charges-against-ripple-executives/">dropped</a> the allegations of securities violations against CEO Brad Garlinghouse, and co-founder Chris Larsen. 
The post <a rel="nofollow" href="https://cryptoslate.com/bitcoin-nears-30000-as-etf-approval-anticipation-stirs-market/">Bitcoin nears $30,000 as ETF approval anticipation stirs market</a> appeared first on <a rel="nofollow" href="https://cryptoslate.com">CryptoSlate</a>.

Bitcoin nears $30,000 as ETF approval anticipation stirs market

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