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Bitcoin’s Price Increased 27% in October Amid Excitement About Potential Bitcoin Exchange-traded Funds.
TOPICSTags: Bitcoin
In October, cryptocurrency prices increased significantly, especially for bitcoin. Bitcoin had its biggest monthly hike since January. Investors were excited about the possibility that bitcoin exchange-traded funds (ETFs) may soon be approved in the United States. ETF offers easy and affordable access for the average investor as compared to investing in cryptocurrency itself or existing products.
The rally in the cryptocurrency market had a widespread impact, indicating a bullish sentiment. The CoinDesk Market Index (CMI), which monitors a diverse range of tokens, experienced a substantial 22% growth throughout October. TradingView data reveals that the total market capitalization of all cryptocurrencies surged by nearly 19% to reach an impressive $1.255 trillion. This surge represents the most significant increase in crypto wealth since the remarkable 33% jump observed in January.
BTC advanced more than 27%, marking down a 17-month high of $35,000. Previously, it had traded at around $27,000 during the first weeks of October. Currently, it holds steadily above $34,000 as investors await the FED decision on interest rates, with the general expectation being that rates will remain unchanged.
(BTCUSD One-month Chart)
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