Bitcoin Linked Altcoins Rise As BTC ETF Rumors Spread Across The Industry

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On October 14, the bulls tensed their muscles and showed their intention to push the price of Bitcoin (BTC) closer to its all-time high of $ 65,900. One of the reasons for this move is the constant chatter about the possibility of a Bitcoin exchange-traded fund (ETF) being approved by the end of October.

Data from Cointelegraph Markets Pro and TradingView shows that after hitting a low of $ 54,103 on October 13, the price of Bitcoin rose 8.2% to an intraday high of $ 58,532 on October 14 as the ETF discussion was taking new turns on Crypto Twitter.

1 day BTC / USDT chart. Source: TradingView

The spike above $ 58,500 is also significant as it marks a 100% increase in the price of BTC from its low of $ 29,193 on July 20, signaling a strong recovery and growing demand.

Bitcoin price performance is also a signal that market participants are back in accumulation mode, a fact that is supported by data from Glassnode showing that the amount of Bitcoin held in wallets of all sizes is increasing. since the price briefly fell below $ 29,000 in mid-June.

Bitcoin hodl waves. Source: GlassnodeBadger DAO Brings Bitcoin to DeFi

The rise in prices and the growing bullish sentiment surrounding Bitcoin have also helped to draw special attention to Bitcoin-related projects that aim to facilitate its integration into the Decentralized Finance (DeFi) ecosystem and add smart contract capabilities. to the Bitcoin ecosystem.

One of the beneficiaries is Badger DAO, a decentralized autonomous organization focused on building products and infrastructure around the Bitcoin utility in DeFi.

Data from and TradingView shows that since October 1, the price of its BADGER token has jumped 187%, from a low of $ 15.69 to a daily high of $ 45.09 on October 14, as its 24-hour trading volume increased 147% to $ 162 million.

BADGER / USDT 4 hour chart. Source: TradingView

BADGER’s price spike coincides with the list of tokens on the Coinbase Pro crypto exchange.

Related: CME Bitcoin Futures Open Interest Hits 8-Month High, Higher Than BTC Price At $ 65,000

Stacks brings smart contracts to Bitcoin

Another Bitcoin-focused project that has seen its token price rise is Stacks, a layer-one blockchain solution aimed at bringing smart contracts and decentralized applications to the Bitcoin network.

Cointelegraph Markets Pro’s VORTECS data began to detect a bullish outlook for the Stacks STX coin on October 11, ahead of the recent price hike.

The VORTECS Score, exclusive to Cointelegraph, is an algorithmic comparison of historical and current market conditions derived from a combination of data points including market sentiment, trade volume, recent price movements and Twitter activity.

VORTECS score (green) against the STX price. Source: Cointelegraph Markets Pro

As shown in the graph above, the VORTECS score for STX started rising on October 11 and peaked at 82 about five hours before the price rose 33% over the next two days.

Overall, ongoing discussions about a Bitcoin ETF continue to stimulate speculation and price action in the crypto market, especially for tokens associated with the best cryptocurrency. But a word of caution is in order, there is always the possibility that this will turn into a “buy the rumor, sell the news” event.

It should also be noted that the possibility of a Bitcoin ETF was discussed as early as 2013 and was one of the drivers of the 2017-2018 bull cycle, so it would be wise to wait for an official announcement from a regulator. forward assuming the arrival of a BTC ETF is guaranteed.

The views and opinions expressed here are solely those of the author and do not necessarily reflect the views of Cointelegraph. Every investment and trading move comes with risk, and you should do your own research before making a decision.

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