The largest decentralized cryptocurrency, Bitcoin, continues to show great strength.. Amid growing confidence that the U.S. Securities and Exchange Commission will approve multiple pending Bitcoin spot exchange-traded fund (ETF) applications, and anticipation of the Federal Reserve’s decision on interest rates, Bitcoin has climbed to more than 17-month highs.
As per CoinMarketCap, Bitcoin is currently trading at $35,182.27, exhibiting an increase of 2.31% in one day. Over the past 30 days, the cryptocurrency has been riding on a positive track, with a surge of more than 25%. Meanwhile, Bitcoin’s yearly chart has BTC up 72% since this time last year.
In the first half of October, Bitcoin was showing resilience amidst market volatility, hovering around a relatively stable $27,000 level. BTC then surged past $30,000 in reaction toa fake report that the Securities and Exchange Commission’s (SEC) had approved of BlackRock’s application for a Bitcoin spot ETF. The report soon proved false, after t BlackRock confirmed that no such approval had been made. However, Bitcoin, despite a minimal decline following the revelation, began pacing towards a bullish trend.
The current bullish trajectory of Bitcoin is mainly driven by speculation on an impending ETF approval and the belief that the Fed regulators will now keep the interest rate stable for a period. Analysts and enthusiasts are closely watching market changes, predicting a Bitcoin ETF approval.
Grayscale Investment’s research team commented that Bitcoin’s increasing acceptance as “digital gold” is also a major reason for the cryptocurrency’s current upward trend. The team added, “Bitcoin’s core use case is as a non-sovereign money system and digital alternative to physical gold.”
The bullish sentiment of late is not only influencing Bitcoin; certain other cryptocurrencies, including Solana (SOL) have also been impacted, albeit to differing degrees.. At press time, SOL is priced at $42.91 after an increase of 12.85%. With a modest surge of 1.77%, ETH is also showing resilience, currently trading at $1837.58.
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