Bitcoin witnessed a significant 11 percent increase in price on Tuesday, October 24. For the first time this year, the value of Bitcoin reached $33,623 (approximately Rs. 27.9 lakh). In fact, Bitcoin has achieved its highest value in 16 months with today’s pricing. The community members are optimistic about the expected approval of BTC ETFs in the US, which is fueling hope in the market. In the last day, the value of BTC rose by $3,356 (approximately Rs. 2.78 lakh).
Senior ETF analyst Eric Balchunas at Bloomberg revealed on X that the iShares Bitcoin Trust from BlackRock has been listed on the Depository Trust and Clearing Corporation’s website with the ticker iBTC, resulting in a surge in prices of most alternative coins.
Ether experienced a price surge of 7.61 percent on Tuesday, bringing the value of ETH to $1,813 (approximately Rs. 1.50 lakh). In the last 24 hours, ETH increased by $125 (approximately Rs. 10,380).
In a relatively conventional market movement, the majority of cryptocurrencies have seen price surges in recent hours, following Bitcoin and Ether in their upward movement. The excitement surrounding BTC ETFs in the US is driving up the prices of several alternative coins.
These digital currencies include Binance Coin, Ripple, Cardano, Dogecoin, Litecoin, and Polygon.
Polkadot, Shiba Inu, Avalanche, Stellar, and Monero are also experiencing positive trading today.
The overall cryptocurrency market capitalization has increased by 8.57 percent in the last 24 hours, reaching $1.27 trillion (approximately Rs. 1,05,47,032 crore), as shown by CoinMarketCap.
However, a group of digital currencies failed to observe any gains today.
Tether, USD Coin, Solana, Leo, Cronos, and Binance USD are among the altcoins currently trading with losses.
The trajectory of cryptocurrency adoption can potentially experience a boost if the US approves BTC ETFs. A Bitcoin ETF would enable individuals to invest in and own Bitcoin without directly purchasing it from an exchange. The US authorities have yet to make a definitive decision on BTC ETF approvals.
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