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

On October 14, the bulls flexed their muscles and expressed a desire to push the price of Bitcoin (BTC) to an all-time high of $ 65,900. One reason for the move is the steady chatter about the possibility of Bitcoin Exchange-Traded Fund (ETF) approval in late October.

Data from Cointelegraph Markets Pro and Trading view Shows that after reaching below 54 54,103 on October 13, the price of Bitcoin has risen 8.2%.

The spike above 58 58,500 is also significant because the price of BTC has risen 100% since it hit 29,193 on July 20, indicating a strong recovery and increased demand.

Bitcoin price performance is also a sign that market participants are back in freezing mode, a fact Supported Data from Glassnode showed that the amount of bitcoins in wallets of all sizes has increased since the price dropped briefly below $ 29,000 in mid-June.

Badger DAO brings Bitcoin to Defy

Rising prices and growing bullish sentiment surrounding Bitcoin have also helped bring additional focus to Bitcoin-related projects aimed at facilitating integration with the decentralized finance (DFI) ecosystem and adding smart contract power to the Bitcoin ecosystem.

One beneficiary is Badger DAO, a decentralized autonomous organization that has focused on building products and infrastructure around Bitcoin’s utilities in Defy.

Information from and Trading view Shows that since October 1, the price of his badger token has dropped 17.% to .6 1.6. The কমে 1 fell to a daily high of ৫ 05.09 on October 1, as its 2-hour trading volume rose 17% to 16 162 million.

Badger price increases coincide with tokens List Coinbase Pro in exchange for crypto.

Related: CME Bitcoin Futures Open Interest Reaches 8 Month Highs, While BTC Priced at K 65K

Stack brings smart deals to Bitcoin

Another bitcoin-centric project that has seen a push in its token price is Stacks, a level-one blockchain solution that aims to bring smart contracts and decentralized applications to the bitcoin network.

Data from VORTECS C Cointelegraph Markets Pro began to identify a bullish outlook for the STX currency on the stock on October 11 before the recent price increase.

The VORTECS ™ score, exclusive to Cointelegraph, is an algorithmic comparison of historical and current market conditions obtained from a combination of data points, including market attitudes, trading volume, recent price movements, and Twitter activity.

As seen in the chart above, the VORTECS ™ score for STX started rising from October 11 and reached a high of 82 in the next two days, about five hours before the price rose 33%.

Overall, the ongoing discussions about Bitcoin ETFs help guide speculation and pricing in the crypto market, especially for tokens associated with the top cryptocurrencies. But caution is in order, as there is still the possibility that it could turn into a buy-rumor, a sales news-event.

It is also worth noting that the possibility of a Bitcoin ETF was discussed until 2013, and it was one of the driving forces behind the 2017-2018 bull cycle, so it would be wise to wait for a formal announcement from a regulator before assuming that the arrival of a BTC ETF is confirmed. Body.

The views and opinions expressed herein do not merely reflect the views of the author and necessarily those of Cointelegraph. Every investment and trading move involves risk, and you should conduct your own research when making decisions.