Crypto traders saw extremely buoyant sentiments passing through the market as trading signals for crypto stood in green for the past few days.
Bitcoin held on to its trading range in the last 24 hours as crypto traders beamed at the rising crypto market cap. Volatility in the market has relatively declined but is still high compared to earlier days in the month. With such optimistic trading signals for crypto, the market could end the month on a much higher note.
October 24 saw an around 14% hike by Bitcoin, which was its highest single-day rally within a year. Analysts and experts have revised their estimates to higher predictions for BTC. Other crypto tokens also held on to their recent gains. ETH was well above $1700, while XRP, Solana, Cardano, and Chainlink also traded higher.
Notable crypto investment firm Galaxy Digital posted renewed estimates for Bitcoin after a crypto ETF launch. A research associate from a firm posted a detailed analysis of a spot Bitcoin ETF. According to the associate, BTC returns could significantly get higher if the ETF becomes a reality.
“We estimate $14bn of inflows into a Bitcoin ETF in the first year following an ETF launch, ramping up to $27bn by the second year and $39bn by the third year post-launch,” said the blog post.
BTC/USD 1D price chart
Bitcoin is currently trading at around $34,100 on October 25, 2023, with BTC/USD trading higher by a margin of 0.7% in the last 24 hours. BTC/USD is trading higher than its 20-day EMA (28,533.81), as BTC’s 24-hour volume was at around $32 billion.
Bitcoin has seen around 105.96% returns on a year-to-date basis. 7-day returns for BTC stand at 18.4%, while its 100-day EMA was at around $28,277.03. Bitcoin’s overall market capitalization is trading at around $663.9 billion. The crypto market surged by around 0.1% to over $1.3 trillion.