HomeCryptoBitcoin-related altcoins surge as BTC ETF rumors spread across the sector

Bitcoin-related altcoins surge as BTC ETF rumors spread across the sector

On Oct. 14, bulls flexed their muscle groups and confirmed their intent to push the value of Bitcoin (BTC) nearer to its $65,900 all-time excessive. One cause for the transfer is the regular chatter about the chance of a Bitcoin exchange-traded fund (ETF) being authorized by the finish of October. 

Data from Cointelegraph Markets Pro and TradingView exhibits that after hitting a low of $54,103 on Oct. 13, the value of Bitcoin rallied 8.2% to an intraday excessive of $58,532 on Oct. 14 as the ETF dialogue made recent rounds on Crypto Twitter.

BTC/USDT 1-day chart. Source: TradingView

The spike above $58,500 can also be vital as a result of it marks a 100% improve in the value of BTC since bottoming at $29,193 on July 20, signaling a robust restoration and rising demand.

Bitcoin’s value efficiency can also be a sign that market contributors are again in accumulation mode, a reality that’s backed by knowledge from Glassnode exhibiting that the quantity of Bitcoin held in wallets of all sizes has been on the rise since the value briefly dipped under $29,000 in mid-June.

Bitcoin hodl waves. Source: Glassnode

Badger DAO brings Bitcoin to DeFi

The rising value and rising bullish sentiment surrounding Bitcoin have additionally helped deliver further consideration to Bitcoin-related tasks that goal to facilitate its integration into the decentralized finance (DeFi) ecosystem and add good contract capabilities to the Bitcoin ecosystem.

One beneficiary is Badger DAO, a decentralized autonomous group targeted on constructing merchandise and infrastructure round Bitcoin’s utility in DeFi.

Data from and TradingView exhibits that since Oct. 1, the value of its BADGER token surged 187% from a low of $15.69 to a every day excessive of $45.09 on Oct. 14 as its 24-hour buying and selling quantity elevated by 147% to $162 million.

BADGER/USDT 4-hour chart. Source: TradingView

The surge in the value of BADGER coincides with the token itemizing on crypto change Coinbase Pro.

Related: CME Bitcoin futures open curiosity hits 8-month excessive, better than when BTC value was at $65K

Stacks brings good contracts to Bitcoin

Another Bitcoin-focused challenge that has seen a bump in its token value is Stacks, a layer-one blockchain resolution aiming to deliver good contracts and decentralized functions to the Bitcoin community.

VORTECS™ knowledge from Cointelegraph Markets Pro started to detect a bullish outlook for Stacks’ STX coin on Oct. 11, previous to the current value rise.

The VORTECS™ Score, unique to Cointelegraph, is an algorithmic comparability of historic and present market circumstances derived from a mixture of knowledge factors together with market sentiment, buying and selling quantity, current value actions and Twitter exercise.

VORTECS™ Score (inexperienced) vs. STX value. Source: Cointelegraph Markets Pro

As seen in the chart above, the VORTECS™ Score for STX started to select up on Oct. 11 and reached a excessive of 82 round 5 hours earlier than the value elevated 33% over the subsequent two days.

Overall, the ongoing discussions a couple of Bitcoin ETF proceed to assist drive hypothesis and value motion across the crypto market, particularly for tokens related to the high cryptocurrency. But a phrase of warning is warranted, as there may be nonetheless the chance that this might flip right into a buy-the-rumor, sell-the-news kind of occasion.

It’s additionally price noting that the chance of a Bitcoin ETF has been mentioned as far again as 2013, and it was considered one of the driving forces behind the 2017–2018 bull cycle, so it might be smart 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 below are solely these of the writer and don’t essentially mirror the views of Cointelegraph. Every funding and buying and selling transfer entails threat, and you need to conduct your individual analysis when making a call.