BTC Price and Spot Exchange Volume Exhibit Substantial Growth
In an intriguing turn of events, speculations on an imminent spot Bitcoin Exchange Traded Fund (ETF) have driven Bitcoin to escalate to the high of $35,000. In addition, the recent crypto rally has prompted the daily exchange volumes of prominent platforms to exhibit remarkable surges.
According to recent reports, the bullish trends in the crypto space have resulted in the growth of the spot exchange volumes across various popular crypto platforms. The seven-day moving average for spot exchange volume has jumped to highs unseen from March, surpassing $24 billion on October 24.
Chinese crypto reporter Colin Wu took to X earlier today to unveil the increasing market volatility that resulted from the community’s expectations of the much-awaited ETF approval. Analysts foresee an impending Bitcoin launch by the first month of 2024, further boosting community enthusiasm.
According to The Block’s data dashboard, the seven-day moving average of spot trading volume on the market’s well-known platform exceeded $24 billion on October 26. This level has not been reached since late March. Market volatility also increased as traders reacted to headlines…
— Wu Blockchain (@WuBlockchain) October 29, 2023
It is noteworthy that Bitcoin (BTC) is riding on a positive track, showing its highest price level since May 2022. Prompted by the false reports that claimed the SEC’s approval of BlackRock’s ETF proposal, Bitcoin surged to an astounding $30,000. Despite the revelation of the counterfeit, Bitcoin continued ascending to 17-month highs, driven by the highly anticipated Bitcoin ETF approval.
Bitcoin shows resilience and retains its highest position in the crypto space amidst market volatility. At the press time, BTC was traded at a price of $34,026.18, boasting a market cap of $665,210,336,814. Despite a slight decline of 0.13% over the last 24 hours, the cryptocurrency has been exhibiting an appreciable surge over the past few days, with a weekly surge of 13.07% and a monthly hike of 26.3%.
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