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

Bitcoin’s (BTC) 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 report 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, suggesting that Bitcoin could surge beyond $50,000 if the SEC greenlights a spot ETF application.

Altcoins rise

BTC’s positive momentum has also catalyzed significant price surges for altcoins such as Ethereum, Solana, and XRP.

Over the past 24 hours, Ethereum (ETH) 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 launch of multiple ETFs linked to it.

Meanwhile, Solana (SOL) 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, XRP 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 dropped the allegations of securities violations against CEO Brad Garlinghouse, and co-founder Chris Larsen.