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The global cryptocurrency market capitalization is up 4.6% to above $1.17 trillion, with about $46.5 billion added to the crypto market cap in the past 24 hours. The global 24-hour trading volume was about $88 billion, according to data from market aggregator CoinGecko.
Why are crypto prices rising?
A spike in crypto prices today is the reason behind the uptick in the total cryptocurrency market cap. As can be seen in the heatmap below, the upward trend for Bitcoin (BTC) and across the altcoin market, has fueled the jump in total market cap.
Crypto market heatmap. Source: Coin360
The injection of volatility in the sector is likely the flip in sentiment amid increased speculation on developments around approval for a Bitcoin ETF. While the recent “fake news” on the topic saw Bitcoin and alts give up gains made in a crazy rally on Monday, the upward move towards the $30k level is on again.
Bitcoin rose to a new high of $29,961 early Friday, spiking towards levels seen on Monday when the benchmark crypto asset touched the $30k mark. BTC price was up more than 5% in the past 24 hours and nearly 12% in the past week, and some analysts are predicting the beginning of a bull market rally.
One #Bitcoin is back to $30,000.
The low is in, the bear market is over. It’s 2015/2016 all over again.
— Michaël van de Poppe (@CryptoMichNL) October 20, 2023
The gains come as market experts and crypto analysts point to the growing probability of a Bitcoin ETF. Developments such as BlackRock and other asset managers update their filings to align with SEC feedback.
XRP rallies amid Ripple news
Other than the Bitcoin ETF train, another positive catalyst for today’s market performance could be the news that the SEC has dropped its charges against two top Ripple executives. The case was dismissed on Thursday after the regulator and Ripple reportedly agreed to end the matter.
XRP price rallied to above $0.52, while positivity across the market saw Ethereum break above $1,600. Solana led the top 10 altcoins, spiking to above $27 with a 24-hour rally of 12%.
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