On October 14, the bulls flexed their muscles and showed their intention to bring the price of Bitcoin (BTC) closer to its all-time high of $ 65,900. One reason for the move is the constant conversation about whether a Bitcoin exchange-traded fund (ETF) will be approved by the end of October.
Cointelegraph Markets Pro data and TradingView shows that after hitting a low of $ 54,103 on Oct 13, Bitcoin’s price rallied 8.2% to an intraday high of $ 58,532 on Oct 14 as the ETF discussion made new rounds on Crypto Twitter.
The rise above $ 58,500 is also significant because it marks a 100% increase in the price of BTC since it bottomed out at $ 29,193 on July 20, indicating a strong recovery and increased demand.
The performance of the Bitcoin price is also a sign that market participants are back in accumulation mode, a fact that is Backed by data from Glassnode showing that the amount of Bitcoin held in wallets of all sizes has been on the rise since the price briefly dipped below $ 29,000 in mid-June.
Badger DAO Brings Bitcoin to DeFi
The rising price and growing bullish sentiment surrounding Bitcoin have also helped draw additional 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. Bitcoin ecosystem.
One of the beneficiaries is Badger DAO, a decentralized autonomous organization focused on building products and infrastructure around the utility of Bitcoin in DeFi.
Data from and TradingView shows that since October 1, the price of its BADGER token increased 187% from a low of $ 15.69 to a daily high of $ 45.09 on October 14, as its 24-hour trading volume increased by 147% to $ 162 million.
The increase in the price of BADGER coincides with the token list on the crypto exchange Coinbase Pro.
Related: CME Bitcoin futures open interest hits an 8-month high, higher than when BTC price was at $ 65K
Stacks Brings Smart Contracts to Bitcoin
Another Bitcoin-focused project that has seen its token price rise is Stacks, a layer one blockchain solution that aims to bring smart contracts and decentralized applications to the Bitcoin network.
VORTECS ™ data from Cointelegraph Markets Pro began to detect a bullish outlook for Stacks’ STX coin on October 11, ahead of the recent price surge.
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, trading volume, recent price movements, and trading activity. Twitter
As seen in the chart above, the VORTECS ™ score for STX began to rebound on October 11 and peaked at 82 around five hours before the price rose 33% over the next two days.
Overall, ongoing discussions about a Bitcoin ETF continue to help drive speculation and price action in the cryptocurrency market, especially for tokens associated with the major cryptocurrency. But a word of caution is warranted, as there is still a chance that this will turn into a buy-the-rumor-sell-the-news type event.
It’s also worth noting that the possibility of a Bitcoin ETF has been discussed as early as 2013, and was one of the driving forces behind the 2017-2018 bull cycle, so it would be wise to wait for an official announcement from a regulator. body before assuming that 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 trade and investment move involves risk, and you should do your own research when making a decision.