Bitcoin Extends Rally As Spot ETF Excitement Returns
The price of Bitcoin has surged to a new 18-month high, reaching near $37,000. This significant rally is attributed to the growing excitement over the potential approval of a spot Bitcoin ETF. A Bloomberg report reveals that the SEC has its first window to approve 12 spot ETFs for BTC between November 9 and 17.
With at least one approval anticipated, the U.S. market is experiencing a resurgence of excitement. Data from Glassnode, shared by Van Straten, indicates that U.S. buyers have been instrumental in sustaining the rally. The Bitcoin price prediction during this 8-day period suggests a potential rally to $40,000.
Bitcoin’s rising futures open interest is considered a bullish indicator by analysts. However, attention should be paid to the $38,000 resistance level in the coming days. A successful break above this level could pave the way for Bitcoin’s continued bullish movement throughout 2023.
BNB Shows Signs of a Potential Breakout
Unlike Bitcoin, the price movement of the BNB coin has not been as bullish. Since BNB broke below the $250 level in July, it has struggled to reclaim this resistance. Recent on-chain data, however, suggests that the Binance Coin could be gearing up for a significant rally.
BNB has reported a spike in development activity (from 0.017 to 0.17), along with increased social metrics and open interest over the past three months. The Binance exchange also noted a 6% rise in the BNB reserve. These factors are interpreted as bullish signals, hinting at a potential price surge for the BNB token.
The BNB price prediction from CoinCodex reflects optimistic sentiments. According to the forecast, the altcoin could trade between $304 and $315.93 before the end of October. However, for this to materialize, the BNB price must first climb above $250 from its current $249 level.
Bitcoin Spark Shows Bullish Potential as Investment Numbers Rise
Bitcoin Spark, a new Bitcoin fork, has garnered attention for its inclusive, participatory mining approach. Despite being a new project, Bitcoin Spark has introduced a unique Proof of Process consensus, different from Bitcoin’s traditional Proof-of-Stake and Proof-of-Work models, aimed at lowering crypto mining barriers.
- Users can mine BTCS tokens on the network using only their smart devices, eliminating the need for expensive mining hardware.
- Bitcoin Spark integrated resource contributions, allowing users to rent computing power and increase rewards, fostering greater participation.
- This model positions Bitcoin Spark as a potentially self-sustainable blockchain network with enhanced transaction speed and throughput compared to Bitcoin.
As a Bitcoin fork, BTCS tokens have been projected to benefit from this model. Currently in its tenth crypto presale stage, BTCS tokens are available for purchase at $3.75. Post-ETF approval, a new ATH of $35 is anticipated for BTCS.