On October 14, the bulls flexed their muscles and expressed their intention to push up the price of Bitcoin (Bitcoin) Is approaching its all-time high of $65,900. One reason for this move is that there has been constant discussion about the possibility of Bitcoin exchange-traded funds (ETFs) being approved at the end of October.
Data from Cointelegraph Markets Pro with Transaction view It shows that after hitting a low of $54,103 on October 13, the price of Bitcoin rose by 8.2% to an intraday high of $58,532 on October 14 because of the new round of discussions on cryptocurrency Twitter on ETF discussions.
The surge over US$58,500 is also important because it marks a 100% increase in the price of BTC since it bottomed to US$29,193 on July 20, indicating a strong recovery and increased demand.
Bitcoin’s price performance is also a signal for market participants to return to the accumulation model. This fact is support Data from Glassnode shows that since the price briefly fell below $29,000 in mid-June, the number of bitcoins held in wallets of all sizes has been increasing.
Badger DAO introduces Bitcoin to DeFi
The rising price and growing bullish sentiment surrounding Bitcoin has also helped to attract additional attention to Bitcoin-related projects that aim to facilitate its integration into the Decentralized Finance (DeFi) ecosystem and add smart contracts to the Bitcoin ecosystem Function.
Badger DAO is a beneficiary, which is a decentralized autonomous organization focused on building products and infrastructure around Bitcoin’s utility in DeFi.
Data from and Transaction view It shows that since October 1st, the price of its BADGER token has soared from a low of $15.69 to a daily high of $45.09 on October 14. Its 24-hour trading volume has increased by 147% to reach $162 million.
The skyrocketing price of BADGER coincides with the token Checklist On the cryptocurrency exchange Coinbase Pro.
Stacks brings smart contracts to Bitcoin
The token price of another Bitcoin-focused project has increased. This is Stacks, a first-layer blockchain solution that aims to introduce smart contracts and decentralized applications into the Bitcoin network.
VORTECS™ data comes from Cointelegraph Markets Pro Before the recent price increase, a bullish outlook for Stacks STX tokens began to be discovered on October 11.
Cointelegraph’s unique VORTECS™ score is an algorithmic comparison of historical and current market conditions. These data points include a combination of market sentiment, trading volume, recent price changes and Twitter activity.
As shown in the figure above, STX’s VORTECS™ score began to rise on October 11, and reached a high of 82 approximately 5 hours before the price rose by 33% in the next two days.
In general, ongoing discussions about Bitcoin ETFs continue to drive speculation and price movements in the entire crypto market, especially tokens related to top cryptocurrencies. But you need to be cautious, because this may still turn into a “buying rumors” or “selling news” type of event.
It is also worth noting that the possibility of Bitcoin ETF has been discussed as early as 2013. It is one of the driving forces behind the bull market cycle of 2017-2018, so it is wise to wait for the official announcement of the regulator to assume that BTC Before the arrival of the ETF is guaranteed.
The views and opinions expressed here only represent the views of the author and do not necessarily reflect the views of Cointelegraph. Every investment and transaction involves risks, and you should conduct your own research when making a decision.