Here’s why prices have increased
Crypto prices are on the rise, with Bitcoin (BTC) up more than 5% to close to $30k. Total market capitalization rose more than 4% to $1.17 trillion, with more than $46 billion added in the past 24 hours. Ethereum and XRP rose above $1,600 and $0.52, respectively, as ETF Talk and Ripple news buoy markets.
The global cryptocurrency market capitalization increased by 4.6% to over $1.17 trillion. The global 24-hour trading volume was about $88 billion, according to data from market aggregator CoinGecko.
Why is the price of crypto increasing?
Today, the increase in crypto prices is the reason behind the increase in the value of the entire cryptocurrency market. As shown in the heat map below, the upward trend for Bitcoin (BTC) and the altcoin market has fueled the jump in overall market value.
Crypto market heat map. Source: Coin360
The injection of volatility in the sector is likely to be reversed by sentiment amid speculation about the adoption of a Bitcoin ETF. On the topic, the recent “fake news” Bitcoin and alts halted the gains made during Monday's crazy rally, but the move towards the $30k level resumed.
Bitcoin rose to $29,961 early on Friday, a high seen on Monday when the benchmark crypto-asset hit the $30,000 mark. The price of BTC was up more than 5% in the last 24 hours and almost 12% in the last week, and some analysts are predicting the beginning of a bull market rally.
One #Bitcoin is back to $30,000.
It's in the low, the bear market is over. It's 2015/2016 again.
— Michael Van de Pop (@CryptoMichNL) October 20, 2023
The gains come as market experts and crypto analysts point to the growing potential of Bitcoin ETFs. Advances like BlackRock and other asset managers will update their filings to conform to SEC feedback.
XRP rallies between Ripple news
Aside from the Bitcoin ETF train, another positive boost for today's market performance could be the news that the SEC dropped charges against two top Ripple executives. The case was dismissed on Thursday after the regulator and Ripple agreed to end the case.
The price of XRP increased above $0.52, positive in the market while Ethereum saw a break above $1,600. Solana led the top 10 altcoins with a 12% rally over $27 in 24 hours.
