On Oct. 14, bulls flexed their muscle groups and confirmed their intent to push the worth of Bitcoin (BTC) nearer to its $65,900 all-time excessive. One motive for the transfer is the regular chatter about the potential of a Bitcoin exchange-traded fund (ETF) being permitted by the tip of October.
Knowledge from Cointelegraph Markets Professional and TradingView reveals that after hitting a low of $54,103 on Oct. 13, the worth of Bitcoin rallied 8.2% to an intraday excessive of $58,532 on Oct. 14 because the ETF dialogue made recent rounds on Crypto Twitter.
The spike above $58,500 can be vital as a result of it marks a 100% enhance within the worth of BTC since bottoming at $29,193 on July 20, signaling a robust restoration and rising demand.
Bitcoin’s worth efficiency can be a sign that market members are again in accumulation mode, a truth that’s backed by information from Glassnode displaying that the quantity of Bitcoin held in wallets of all sizes has been on the rise for the reason that worth briefly dipped beneath $29,000 in mid-June.
Badger DAO brings Bitcoin to DeFi
The rising worth and rising bullish sentiment surrounding Bitcoin have additionally helped carry additional consideration to Bitcoin-related tasks that purpose to facilitate its integration into the decentralized finance (DeFi) ecosystem and add sensible contract capabilities to the Bitcoin ecosystem.
One beneficiary is Badger DAO, a decentralized autonomous group centered on constructing merchandise and infrastructure round Bitcoin’s utility in DeFi.
Knowledge from and TradingView reveals that since Oct. 1, the worth of its BADGER token surged 187% from a low of $15.69 to a each day excessive of $45.09 on Oct. 14 as its 24-hour buying and selling quantity elevated by 147% to $162 million.
The surge within the worth of BADGER coincides with the token itemizing on crypto trade Coinbase Professional.
Stacks brings sensible contracts to Bitcoin
One other Bitcoin-focused mission that has seen a bump in its token worth is Stacks, a layer-one blockchain answer aiming to carry sensible contracts and decentralized purposes to the Bitcoin community.
VORTECS™ information from Cointelegraph Markets Professional started to detect a bullish outlook for Stacks’ STX coin on Oct. 11, previous to the current worth rise.
The VORTECS™ Rating, unique to Cointelegraph, is an algorithmic comparability of historic and present market circumstances derived from a mix of information factors together with market sentiment, buying and selling quantity, current worth actions and Twitter exercise.
As seen within the chart above, the VORTECS™ Rating for STX started to select up on Oct. 11 and reached a excessive of 82 round 5 hours earlier than the worth elevated 33% over the following two days.
General, the continuing discussions a few Bitcoin ETF proceed to assist drive hypothesis and worth motion throughout the crypto market, particularly for tokens related to the highest cryptocurrency. However a phrase of warning is warranted, as there may be nonetheless the likelihood that this might flip right into a buy-the-rumor, sell-the-news sort of occasion.
It’s additionally value noting that the potential of a Bitcoin ETF has been mentioned way back to 2013, and it was one of many driving forces behind the 2017–2018 bull cycle, so it might be sensible to attend for an official announcement from a regulatory physique earlier than assuming that the arrival of a BTC ETF is assured.
The views and opinions expressed listed here are solely these of the writer and don’t essentially mirror the views of Cointelegraph. Each funding and buying and selling transfer includes threat, and it is best to conduct your personal analysis when making a call.