Bitcoin (BTC) closed at $61,500 yesterday, marking the cryptocurrency’s highest weekly close in its 11-year history. Following a 7% decline in September, BTC has gained more than 40% in October. The total market capitalization of all cryptocurrencies is currently $2.49 trillion. This article will examine the most recent cryptocurrency trends and provide a forecast for the near future.
The price of bitcoin has skyrocketed in anticipation of the Bitcoin ETF’s debut
On Monday, the price of Bitcoin soared above the psychological resistance level of $62,000 ahead of the much-anticipated debut of the first US Bitcoin futures exchange-traded fund (ETF) on the New York Stock Exchange (NYSE). According to analysts, Bitcoin ETFs will entice the next generation of cryptocurrency investors. Bitcoin is currently trading around $62,200, with a market share of 47.1 percent.
Alternative cryptocurrencies compete with BTC
Out of the top 20 altcoins, only Binance Coin (BNB) and meme coin Shiba Inu (SHIB) gained 4% against BTC in the last 24 hours. In the last seven days, more than two-thirds of all major cryptocurrencies have gained against the US dollar. Polygon (MATIC), Binance Coin (BNB), and Polkadot are a few examples (DOT).
Ethereum (ETH) is currently the second-largest cryptocurrency by market capitalization, trading at $3,810 per coin, up 2% from the previous day. In the short term, Ethereum is likely to find support on the downside at around $3,600. ETH has a market cap of nearly $450 billion, accounting for 18% of the total market.
Third place is a hotly contested position
BNB currently has a $12 billion market capitalization advantage over Cardano in the race for third place (ADA). The current price of BNB is $490, while the price of ADA is around $2.
Binance burned nearly $640 million in tokens this week, increasing its profits. BNB is expected to overtake ADA soon as companies working on the Cardano blockchain’s smart contracts and DeFi protocols take their time. Following a few weeks of trading in the $1.8-2.2 range, ADA is expected to regain strength and approach previous highs of $3+.
Despite growing rumours of a sell-off in the aftermath of the listing of a Bitcoin ETF, the price of Bitcoin BTC has remained stable above $60,000 in the short term. Companies such as ETF Series Solutions and ARK Invest are among those looking to launch Bitcoin ETFs, with Valkyrie being the first to do so this week with the launch of a Bitcoin ETF. According to analysts, BTC’s momentum is expected to continue this month, as some of the larger corporations’ BTC investments may be revealed in their quarterly results.