On October 14, the bulls showed their strength and showed their intention to push the price of Bitcoin to the all-time high of $65,900. One of the reasons for the move is the ongoing news that a Bitcoin exchange-traded fund (ETF) may be approved by the end of October.
After falling to a low of $54,103 on Oct. 13, bitcoin rose 8.2% on Oct. 14 as talk of an ETF resurfaced on crypto Twitter, according to data from Cointelegraph Markets Pro and TradingView. % to hit an intraday high of $58,532.
BTC/USDT 1-day chart source: TradingView
A break above $585 million is also significant, as it marks a 100% rise in BTC prices since its drop to $29,193 on July 20, signaling a strong recovery and growing demand.
Bitcoin’s price performance is also a signal for market participants to return to accumulation mode, a fact supported by Glassnode data showing that since mid-June when the price briefly fell below $29,000, wallets of all sizes have held Some bitcoins have been rising in number.
Bitcoin holding band source: Glassnode
Rising prices and increasingly bullish sentiment around Bitcoin have also prompted extra attention to Bitcoin-related projects that aim to facilitate integration of Bitcoin with the decentralized finance (DeFi) ecosystem and add intelligence to the Bitcoin ecosystem contract function.
One beneficiary is Badger DAO, a decentralized autonomous organization focused on building products and infrastructure around Bitcoin’s utility in DeFi.
Since Oct. 1, the price of its BADGER token has surged 187% from a low of $15.69 to a daily high of $45.09 on Oct. 14, with 24-hour trading volume increasing by 147% to reach $162 million.
BADGER/USDT 4-hour chart Source: TradingView
BADGER’s price surge coincided with the token’s listing on cryptocurrency exchange Coinbase Pro.
Another project that has seen its token rise in price is Bitcoin-focused Stacks, a layer-one blockchain solution that aims to bring smart contracts and decentralized applications to the Bitcoin network.
Prior to the recent price rally, Cointelegraph Markets Pro’s VORTECS™ data began detecting a bullish outlook for Stacks’ STX coin on Oct. 11.
The VORTECS™ Score is an algorithmic comparison provided exclusively by Cointelegraph that compares historical and current market conditions through data points such as market sentiment, trading volume, recent price action, and Twitter activity.
VORTECS™ score (green) vs. STX price Source: Cointelegraph Markets Pro
As shown in the chart above, STX's VORTECS™ score began to recover on October 11, after reaching a high of 82 in about 5 hours, it rose by 33% in the next two days.
Overall, the ongoing discussion about Bitcoin ETFs continues to drive speculation and price action in the crypto market, especially for top Bitcoin-related tokens. Be cautious though, as this could still turn into a "buy the rumor, sell the news" event.
It's also worth noting that the possibility of a Bitcoin ETF has been discussed as far back as 2013 and was one of the driving factors behind the 2017-2018 bull cycle, so wait before assuming that a Bitcoin ETF is inevitable A formal announcement from the regulator is sensible.
Cointelegraph Chinese is a blockchain news information platform, and the information provided only represents the author's personal opinion, has nothing to do with the position of the Cointelegraph Chinese platform, and does not constitute any investment and financial advice. Readers are requested to establish correct currency concepts and investment concepts, and earnestly raise risk awareness.
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