Cryptocurrency surge:The value of cryptocurrencies is increasing throughout the industry, with the cryptocurrency market value increasing by 7.3% to $1
Cryptocurrency surge:The value of cryptocurrencies is increasing throughout the industry, with the cryptocurrency market value increasing by 7.3% to $1.25 trillion in the past 24 hours. This is the highest valuation since the inflow of funds due to concerns about the safety of regional bank funds in April. The official reason is further speculation surrounding the launch of Bitcoin spot ETFs. At the same time, closing short positions exacerbates volatility, as the wave of orders triggered occurs during periods of low market liquidity
Bitcoin has risen 5.6% since the market closed on Friday, reaching a level of $34889.7.
Ethereum (ETH4.15%) rose 4.9% to reach a level of $1842.48. Ethereum's market value reaches $217.17 billion, accounting for 17.11% of the market value of all cryptocurrencies. Ethereum's highest market value reached $569.58 billion. In the past 24 hours, the price of Ethereum has fluctuated between $1757.73 and $1842.48. In the past seven days, the price of Ethereum has fluctuated between $1543.87 and $1842.48, an increase of 13.2%. Ethereum's 24-hour trading volume is $15.66 billion, accounting for 20.33% of all cryptocurrency transactions.
Solana prices continue to riseSolana (SOL) is a Layer 1 blockchain token known as Ethereum Killer (ETH), which, along with Bitcoin (BTC) prices, broke through strong resistance of $30.24 in the rise that began on October 13th. The token is currently facing a decisive moment, whether to continue to rise or retreat.
Chainlink prices fall, whales buy lowChainlink (LINK) prices have been on a downward trend since July. Although the successful completion of the experiment between interbank communication giants Swift and Chainlink provided a catalyst for the asset, it only increased the social volume and emotions among traders, rather than the LINK price. LINK Whale, which holds 10000 to 1 million Chainlink tokens, bought the asset at its recent low point, hoping for a rebound in the token price in the future.
Currently, Bitcoin ETFs have not been approved, but investors are preparing for that dayWhen investors purchase an ETF, they do not directly purchase the underlying investment. On the contrary, investors are buying shares in a fund that invests in or attempts to imitate the performance of a specific security or index, as is the case with Bitcoin. Currently, no ETF can directly own Bitcoin. This is because transactions in cryptocurrencies and other digital currencies are still not regulated by the Securities and Exchange Commission (SEC). Many ETFs and investment companies have submitted applications to the SEC to launch ETFs that directly purchase Bitcoin (including CathieWood's ArkInvest), but approving cryptocurrency funds does not seem to be the current focus of regulatory agencies.
If Bitcoin ETFs are approved, other tokens may also see new investorsEthereum, Solana, and even Dogecoin may see new investors, including institutions, investing in ETFs. The market may be speculating about these approvals, which is why prices are rising today.
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