The price of Bitcoin jumped above $57,600 on Tuesday morning to reach its highest level since 12th May, while most other major cryptocurrencies were nursing losses. The largest cryptocurrency by market cap, Bitcoin, was up by around 1.2% in the last 24 hours with the hope that a Bitcoin ETF will be approved in the coming weeks continuing to play a supportive role. The US Securities and Exchange Commission (SEC) is expected to make a decision on a Bitcoin ETF as early as next week. However, the ETFs currently awaiting approval from the SEC are based on Bitcoin Futures and would not directly invest in Bitcoin.
The SEC chair Gary Gensler has previously signalled support for ETFs that would invest in futures contracts rather than Bitcoin itself, due to increased investor protections.
The approval of a Bitcoin ETF, whether based on futures or through Bitcoin itself, has been previously seen as a major milestone for getting Bitcoin accepted as a mainstream financial asset and will provide access for more people to invest in the cryptocurrency space.
While other major cryptocurrencies - including Ethereum, Cardano, and XRP - have softened in the last 24 hours, one coin that has continued to rally is Shiba Inu. The dog-based coin has now rocketed to 15th place on the cryptocurrency list by market cap with a market cap of $11.85 billion.
The cryptocurrency has exploded in October, rising almost 300% in the month so far. The rise was helped last week by a tweet from Tesla (NASDAQ:TSLA) CEO Elon Musk, who posted a picture of his puppy, which happens to be a Shiba Inu breed.
Apart from the tweet, there does not seem to be much else supporting the ascent of the coin, which echoes the rise in Dogecoin seen at the start of the year. Dogecoin, which currently sits as the tenth-largest cryptocurrency by market cap, rallied to an all-time high of almost $0.74 in May, before momentum stalled and the price of the meme-coin dropped.
|#||Crypto||Prediction||Accuracy||CVIX||Price||24h||7d||Market Cap||7d price change|
|1||BTC||Bitcoin predictions||57.6%||88||$23 109.54||1.95%||2.34%||$445 426 484 270|
|2||ETH||Ethereum predictions||59.6%||85||$1 598.12||2.07%||-3.41%||$195 567 528 598|
|3||USDT||Tether predictions||94%||1||$1.000161||0%||0%||$67 515 300 251|
|4||BNB||Binance Coin predictions||64.4%||72||$307.82||2.42%||1.08%||$48 605 202 962|
|5||USDC||USD Coin predictions||94%||1||$1.000117||0.02%||0.01%||$43 072 004 172|
|6||XRP||XRP predictions||61.6%||74||$0.412770||2.87%||0.60%||$20 970 186 547|
|7||BUSD||Binance USD predictions||96%||1||$1.000073||0%||-0.01%||$15 799 582 881|
|8||ADA||Cardano predictions||62.8%||79||$0.393130||6.05%||8.64%||$13 596 367 597|
|9||DOGE||Dogecoin predictions||61.2%||75||$0.087877||3.77%||1.98%||$11 658 714 056|
|10||STETH||Lido stETH predictions||90.8%||1||$2 941.39||-0.40%||-3.32%||$10 258 752 564|
|11||MATIC||Polygon predictions||61.6%||78||$1.15||7.05%||11.90%||$10 049 918 027|
|12||SOL||Solana predictions||60.4%||90||$24.65||4.19%||-1.01%||$9 158 478 306|
|13||DOT||Polkadot predictions||56.8%||87||$6.59||4.05%||5.22%||$7 587 678 509|
|14||AVAX||Avalanche predictions||59.2%||92||$20.83||17.97%||19.53%||$6 556 283 286|
|15||WTRX||Wrapped TRON predictions||64.8%||70||$0.063736||3.91%||2.44%||$6 480 392 391|
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