Ethereum

Based

Bitcoin

Spot

Rise

The crypto world has seen its fair share of up-and-down rallies and isn’t a stranger to market turbulence displaying these swings. However, the digital space is an ever-evolving landscape that has various assets that have been resilient to the market movement, one such crypto being Bitcoin.&nbsp;
The past week has been a significant period for BTC as its price has seen a sudden spike on Monday, then corrected to a level higher than its initial value. Bitcoin’s price has since grown and is now well over the $30,000 mark. These new developments can be linked to the increase in spot volumes and the long-awaited spot Bitcoin approval.&nbsp;
<h2 class="wp-block-heading" id="rise-in-crypto-spot-volumes">Rise in crypto spot volumes</h2>
An incident on Monday saw the rise of BTC from its consolidation level of $27,883 and saw a 10% gain, according to market data. Based on the crypto’s chart readings, its market value has witnessed an increase in its seven-day moving average employed in daily volumes that spiked from $9.38 billion to over $15 billion. This is a monthly record report from September 26 to October 20.&nbsp;
The price went over the $30,500 mark now ranging at $30,600. Data from market analysts has confirmed Bitcoin’s surge in market value, presenting an illustrative chart of market movements since last year. This report also shows the increase in daily exchange volume.&nbsp;
Bitcoins price saw a surge in price following the mistaken reports on the Securities and Exchange Commission (SEC) approving spot Bitcoin Exchange-Traded Funds (ETF). Regardless of the report being denied and corrected, the misinformation caused significant implications in the digital currency market.&nbsp;
According to news reports, spot Bitcoin volumes are at a current significant low but rising steadily. Crypto exchanges recorded only $311 billion in volumes from last month. This is the lowest volume level since 2020, as stated in the report.&nbsp;
However, the recent increase in daily trading volume aligns with Bitcoin’s bull rally and increased volatility. The alignment is fostered by the heightened trading volumes as well as the rising volatility employed in making profits. The positive impact on its value shows a rising interest in Bitcoin spot ETFs, showing a welcoming sign for the digital asset.&nbsp;
<h2 class="wp-block-heading" id="buzz-on-the-increased-volume-of-spot-trading">Buzz on the increased volume of spot trading&nbsp;</h2>
Spot markets are indifferent to derivatives markets that use the futures of crypto prices in speculation. On the other hand, spot markets allow the actual trading of Bitcoin in real-time market value. An <a href="https://x.com/Satoshi_Talks/status/1716034660877119786?s=20" rel="noopener noreferrer nofollow" target="_blank">increase</a> in this spot trading volume can be noted as a sign of an increasing interest in the underlying asset.&nbsp;
These spot inventions offer real-world applications for trading cryptocurrencies. The volume increase in these spot services signals investor confidence in the long-term potential of digital currencies.&nbsp;
Considering the <a href="https://www.cryptopolitan.com/hal-finney-is-not-satoshi-nakamoto-new-data/" rel="noopener noreferrer nofollow">Bitcoin </a>bull rally, its increased spot trading volumes have an impact on other cryptocurrencies. An example of this is the increase in Ethereum trading activities. This is based on investors’ idea of diversifying their portfolios, based on the surges of the first generation Bitcoin.&nbsp;
Also, considering the closely linked movements of the two largest crypto in the world, it’s evident that an increase in Bitcoin’s value might cause a spillover to other cryptos.&nbsp;
Regardless of the positive trends in the crypto market and the surge <a href="https://www.cryptopolitan.com/thai-crypto-investors-turn-to-tarot-cards/" rel="noopener noreferrer nofollow">in Bitcoin,</a> the digital currency market is still showing its risks of increased volatility. This increase can also mean fluctuations in market values and cause unforeseen losses to investors and retail traders.&nbsp;
Moreover, the market is still susceptible to external factors including news and macroeconomic events. This can also be evidenced by changing regulatory policies that also influence the crypto market.&nbsp;

Crypto spot volumes soar as Bitcoin rallies – Find out why

Table of Contents

Cryptopolitan_News

Other articles published on Oct 23, 2023

NKLA Stock: Beware of Short Squeeze in Nikola Stock; Know Why?

Is Rollbit Crypto Casino Going to Zero? RLB Price Tumbles 22% as Fresh Telegram Gambling Coin Net...

Critical Statements from Ethereum's Founder Vitalik: Balance Must Be Achieved in Three Important ...

Is the U.S. bond market finally starting to calm down?

Santiment Analysts: Three Memecoins Surge With Bitcoin Leading The Way

Ethereum Bullish Signals: Breaking Out of Negative Trends?

Join our free newsletter for daily crypto updates!