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Ether Crosses $1.6K, Bitcoin SV Leads Altcoin Gains With 30% Bump
Overall market capitalization rose 5% in the past 24 hours.
Updated Oct 20, 2023, 11:14 a.m. Published Oct 20, 2023, 11:14 a.m.
Major cryptocurrencies spiked as much as 13% as a bump in bitcoin (BTC) led to an overall rise in crypto markets, buoyed by hopes of a spot bitcoin exchange-traded fund (ETF) approval.
All major tokens reversed losses from the past week, bitcoin jumped above $30,000, and ether (ETH) crossed the $1,600 mark on Friday. XRP gained 7.2% after a key court decision favoring payments firm Ripple helped improve sentiment. Meanwhile, Solana’s SOL rose 12%, extending its weekly gains to over 25%.
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Bitcoin SV (BSV), a bitcoin fork token, rose 32% as crypto exchange Binance listed perpetual futures of BSV at a 50 times leverage, which may have attracted trader interest.
Several ETF providers amended their filings over multiple days in the past week alongside pressure on the U.S. Securities and Exchange Commission (SEC) to soften its stance on a bitcoin ETF approval.
“Betting on a sustained decline on BTC here is like going against gravity,” said Jack Tan, founder of crypto exchange WOO Network, in a note to CoinDesk. “For sure the ETF anticipation will provide a strong demand, but also if people start viewing BTC as a rush to safety trade, this will usher in a new paradigm.”
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Solana CME Futures Fell Short of BTC and ETH Debuts, but There's a Catch
When adjusted for asset market capitalization SOL's relative futures volume looks better, K33 Research noted.
알아야 할 것:
- Solana's SOL futures began trading on the Chicago Mercantile Exchange (CME) on Monday, with a notional daily volume of $12.3 million and $7.8 million in open interest, significantly lower than the debuts of bitcoin (BTC) and ether (ETH) futures.
- Despite the seemingly lackluster debut, when adjusted to market value, SOL's first-day figures are more in line with BTC's and ETH's, according to K33 Research.
- Despite the bearish market conditions, the launch of CME SOL futures offers new ways for institutions to manage their exposure to the token, said Joshua Lim of FalconX.
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