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||88%||8||$36 947.77||-1.06%||-1.21%||$722 517 987 780|
|2||ETH||Ethereum predictions||73.2%||49||$2 006.98||-1.94%||-0.25%||$241 327 503 957|
|3||USDT||Tether predictions||91.2%||1||$1.000106||-0.01%||-0.03%||$88 908 308 061|
|4||BNB||Binance Coin predictions||81.2%||28||$225.88||-1.16%||-13.20%||$34 266 144 454|
|5||XRP||XRP predictions||74.4%||43||$0.599360||-0.94%||-1.73%||$32 255 761 880|
|6||USDC||USD Coin predictions||90.8%||1||$0.999945||0%||0.02%||$24 452 239 909|
|7||SOL||Solana predictions||59.2%||87||$54.93||-1.57%||-2.13%||$23 259 800 805|
|8||ADA||Cardano predictions||67.2%||62||$0.370958||-3.20%||-3.22%||$13 094 166 560|
|9||DOGE||Dogecoin predictions||75.2%||48||$0.077136||-4.06%||0.31%||$10 954 291 481|
|10||STETH||Lido stETH predictions||91.2%||1||$2 941.39||-0.40%||-3.32%||$10 258 752 564|
|11||TRX||TRON predictions||85.2%||27||$0.101641||-4.10%||0.18%||$9 001 259 365|
|12||WTRX||Wrapped TRON predictions||80.8%||30||$0.101320||-4.87%||0.51%||$8 972 888 283|
|13||TON||Toncoin predictions||82%||31||$2.43||2.70%||4.28%||$8 334 169 287|
|14||LINK||Chainlink predictions||67.2%||69||$13.97||-3.35%||-1.89%||$7 781 668 263|
|15||AVAX||Avalanche predictions||59.2%||86||$19.69||-3.93%||-5.98%||$7 187 470 859|
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