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Bitcoin (BTC) rose to highs of $58,520 on Oct. 14 after consolidating the last three days below the $58k resistance. The cryptocurrency’s price is up about 4.85% over the past 24 hours to trade at $57,778 as of press time.
Bitcoin is presently about 10% away from an all-time price high of $64,899, marking a sharp recovery from a near 50% pullback (taken from peak to trough) two months ago. Bulls’ hopes mostly cling to an exchange-traded fund being approved by the United States Securities and Exchange Commission. Currently, there are multiple requests pending review between Oct. 18 and Nov. 1, but the date for the final decision may be tentative at the moment.
Bloomberg’s senior ETF analyst, Eric Balchunas says there are “good” signs that a Bitcoin ETF will soon be approved, pointing to Ark Invest filing for a Bitcoin futures ETF with an assigned ticker and Valkyrie updating its ETF prospectus with a ticker.
Cathie Wood’s Ark Investment Management LLC had filed for a Bitcoin (BTC) futures ETF under the ARKA ticker, while Valkyrie assigned its BTC futures prospectus with the BTF ticker.
Courtesy: Santiment
Based on history, on-Chain analytics Santiment notes that BTC downside risk will be limited, referencing healthy token circulation.
Altcoins Rally!
In the last 24 hours, Chainlink (LINK, +10.83%), Telcoin (TEl, +29.31%), Polkadot (DOT, +19.13%), Bella Protocol (BEL, +72.76%), Maple (MPL, +67.03%), TrustSwap (SWAP, +30.98%), Blox (CDT, +52.44%), CentriFuge (CFG, +40.51%), Everipedia (IQ, +17.57%), BakeryToken (BAKE, +23.19%), Reef (REEF, +20.28%), Energy Web Token (EWT, +16.20%), QuarkChain (QKC, +10.15%) have posted significant gains.
Polkadot rallied nearly 35% since Oct. 12 following positive news on its Parachain auction process. The much-anticipated Parachain auction process, where projects are allocated slots for building on the Polkadot network, kicks off in November. Although there could still be minor changes to the schedule, the first auction is slated to begin on Nov. 11.
The Parachain auction process marks an important milestone in realizing Polkadot founder Gavin Wood’s vision for an interconnected blockchain framework.
Bella Protocol (BEL) is a platform that provides a suite of DeFi products aimed at making crypto banking simpler and more accessible. On Oct. 12, Bella Foundation announced the launch of its $20M venture fund to scale Bella Ecosystem, dedicated mainly to decentralized finance (DeFi), nonfungible tokens (NFTs), Web 3.0, and metaverse infrastructure. BEL has marked the 3rd day in green, reaching highs of $3.57 on Oct. 14.
Telcoin (TEL) is the native asset and protocol token of the Telcoin user-owned, decentralized financial platform. TEL has marked the second day in green to reach $0.026 on Oct. 14. Further increases may target the $0.030 level.
Dogelon Mars Explodes 100%
Recently, conversations across the crypto sector and social media have been that of the rise of dog-themed tokens inspired by the impressive 400% rally from Shiba Inu (SHIB). While SHIB presently consolidates after reaching highs at $0.000037 on Oct. 7, other canine-themed tokens have jumped out ahead of the pack to take the lead while SHIB takes a breather.
Dogelon Mars (ELON), a coin based on Elon Musk and his love for space travel has soared nearly 100% in price since October 13, rising from lows of $0.000000146 to highs of $0.0000003 today. Dogelon Mars had resolved a bullish pennant to the upside, reaching highs last seen in May. As of press time, ELON/USDT was valued at $0.000000282.
Image Credit: Shutterstock
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