The crypto ecosystem is currently enjoying a wave of enthusiasm due to the exceptional performance of Bitcoin. The dominant digital asset in the blockchain sector in terms of market capitalization recently exceeded the threshold of $35,000. It appears crucial to emphasize that this upward movement is a first since May 2022, which explains the general enthusiasm of investors. Throughout this article, we will study in a little more detail the reasons which explain the rise of Bitcoin over the current period.
Why has the price of Bitcoin recorded such a significant increase in recent days?
As we have seen, the price of Bitcoin has benefited from a particularly massive northward movement in recent days. In particular, it is a question of a passage from $26,819.72 on Sunday October 15 to the high point of $35,280 on Tuesday, October 24, a little over nine days later. Note that this development corresponds to a notable increase in 31.54%.
At the time of writing this article, we observe that buying pressure has started to decline slightly. Now, the price of Bitcoin is hovering around $33,852.19. However, it should be noted that this movement could continue in the short term, before initiating a new upward rally.
This exceptional progression can be linked to the evolution of demands concerning the creation of a exchange traded funds (ETF) spot on Bitcoin. It is possible to cite the example of several important players in global finance who are now positioning themselves.
This is particularly the case of the juggernaut BlackRock which has taken a series of measures in recent days. Additionally, other major Wall Street players such as VanEck, WisdomTree and Valkyrie also submitted similar requests to the Securities and Exchange Commission (SEC) of the United States.
For his part, Scott Johnson published a post on X (formerly Twitter) a few days ago to highlight that new information suggests that the approval of a Bitcoin spot ETF is fast approaching.
So two things caught my eye from the latest iShares (Blackrock) S-1 amendment:
– They’ve obtained a CUSIP in prep for a launch
– They may be looking to seed with cash this month (which is earlier than I would’ve thought, but may be nothing) pic.twitter.com/lMDaKxiIbB— Scott Johnsson (@SGJohnsson) October 23, 2023
Scott Johnson indeed reported that BlackRock had managed to obtain a type license CUSIP. The latter being an essential element to begin the process of providing liquidity for its spot ETF product this month.
All of the previously mentioned news suggests that Bitcoin is now preparing to experience positive momentum as well as a potential bullish rally. This probably having the capacity to pull the price of BTC above the threshold of $50,000 over a medium-term horizon. Nevertheless, informed investors will not hesitate to study in detail other projects with strong growth potential in order to diversify their portfolio.
Other altcoins with strong growth potential over the current period
We will now focus on Bitcoin Minetrixa new crypto project focused on the revolutionary mechanism of Stake-to-Mine. With its innovative nature, Bitcoin Minetrix quickly managed to capture the attention of the Web3 community. This project’s main ambition is to help its users generate a passive income stream using BTCMTX tokens.
Bitcoin Minetrix was able to raise over $2.2 million in a record time. This phenomenon demonstrates the enthusiasm generated by the project among investors. Additionally, it is worth noting that Bitcoin Minetrix has an annual rate of return of 362% with its staking mechanism.
#BitcoinMinetrix has achieved another significant milestone! ✅
Accumulating over $2,200,000 raised. pic.twitter.com/NcfrJYIZel
— Bitcoinminetrix (@bitcoinminetrix) October 24, 2023
In the manner of Bitcoin Cash or BTC20, the Bitcoin Minetrix project belongs to the category of tokens derived from traditional Bitcoin. These projects are designed to take advantage of the notoriety of Bitcoin while offering one or more additional elements. In the case of the BTCMTX token, this is a focus on the theme of crypto mining. Thanks to its characteristics,
If you are interested in the growth potential of Bitcoin Minetrix, be sure to check out the official project website or join the community on X, Discord And Telegram.
Click here to participate in the Minetrix Bitcoin Project Presale
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This article does not constitute investment advice in any way. The information provided here should not be used as a basis for making financial decisions. Cryptocurrency investments involve risks and may result in significant losses. You should only invest what you can afford to lose and carry out your own research before making any investment decisions.