- Cryptocurrency prices are rising, with Bitcoin (BTC) up more than 5% to $30,000.
- Total market capitalization rose more than 4% to $1.17 trillion and increased by more than $46 billion in the last 24 hours.
- Ethereum and XRP rose above $1,600 and $0.52 respectively on the exchange traded funds (ETF) and Ripple news markets.
The global cryptocurrency market cap rose 4.6% to over $1.17 trillion, adding nearly $46.5 billion to the cryptocurrency market cap in the last 24 hours. According to market aggregator CoinGecko, global 24/7 trading volume was approximately $88 billion.
Why are cryptocurrency prices rising?
The significant increase in cryptocurrency prices today is the reason for the increase in the overall cryptocurrency market capitalization. As shown in the heatmap below, the uptrend in Bitcoin (BTC) and the overall altcoin market has resulted in an increase in total market capitalization.
Cryptocurrency market heatmap. Source: Coin360 The increasing volatility in this sector is likely to lead to a change in sentiment amid increasing speculation about developments surrounding the approval of Bitcoin ETFs. While recent “fake news” issues caused Bitcoin and altcoins to give up gains made during Monday’s wild rally, the uptrend towards the $30,000 level has resumed.
Bitcoin hit a new high of $29,961 early Friday, climbing higher than Monday's levels when the benchmark cryptocurrency hit $30,000. Bitcoin prices have risen more than 5% in the past 24 hours and nearly 12% over the past week, with some analysts predicting the start of a bull rally.
One #Bitcoin is worth $30,000.
The crash is here and the bear market is over. Let's go back to the 2015/16 season.
— Michael Van de Poppe (@CryptoMichNL) October 20, 2023
The gains come as market experts and cryptocurrency analysts highlight the growing potential of Bitcoin ETFs. Developments like BlackRock and other asset managers are updating their filings to align with the SEC's comments.
XRP rises on Ripple News
In addition to the Bitcoin ETF bandwagon, another positive catalyst for the current market performance could be the news that the SEC has dropped its charges against two key Ripple executives. The case was dropped on Thursday after the regulator and Ripple agreed to put the matter on hold.
XRP rose above $0.52 while positive market sentiment pushed Ethereum above $1,600. Solana leads the top 10 altcoins and surpasses the $27 mark with a 12% increase in 24 hours.