Bitcoin captured the spotlight in recent days with a dramatic surge to almost $35,000 on October 24th – its highest level since May 2021. The peak came amid circulating rumors that BlackRock’s spot BTC ETF could soon get SEC approval, sparking the highest price in over 18 months.
Many analysts suggest potential US approval of a Bitcoin ETF could further boost BTC’s valuation, alongside factors like the upcoming halving, institutional interest, and broader adoption.
Ripple’s XRP also spiked to a 2-month high of around $0.58. This comes as Ripple has notched a series of wins against the SEC lawsuit, including a recent decision dismissing charges against executives Brad Garlinghouse and Chris Larsen. A final resolution in Ripple’s favor could positively impact XRP prices.
In other news, the SHIB burn rate jumped 400% in the past day, removing 150 million tokens from circulation. The program aims to reduce supply and potentially increase SHIB’s value long term. Despite this, SHIB saw only modest 5.5% weekly gains compared to other surging memecoins.
With Bitcoin igniting 18-month highs and prices across crypto gaining steam, anticipated regulatory decisions and fundamental developments seem poised to fuel further momentum.
