BTC’s Surge to $35K
The price of Bitcoin has experienced a significant increase, reaching nearly $35,000 on October 24. This surge has generated excitement in the cryptocurrency market, leading to a rise in the value of various alternative coins. One possible reason for this surge is the anticipation of the US Securities and Exchange Commission (SEC) approving BlackRock’s application for a spot Bitcoin ETF. The listing of the product with the Depository Trust & Clearing Corporation has fueled speculation that regulatory approval is imminent. Experts believe that the approval of a spot BTC ETF in the US could further drive up the price of Bitcoin.
How About Ripple (XRP)?
XRP, the native token of Ripple, has also seen a significant spike in its value, reaching a two-month high of over $0.58 on October 24. However, it has slightly retraced and currently hovers around $0.55. Ripple has been successful in its legal battles against the SEC, securing partial victories in recent months. These victories have had a positive impact on XRP’s price. A decisive outcome in Ripple’s lawsuit against the SEC is expected during a grand trial set for April 2024.
SHIB’s Burning Program Goes as Planned
The popular memecoin Shiba Inu (SHIB) has gained attention due to its burning program. The burn rate increased by approximately 400% on October 24, resulting in around 150 million tokens being sent to an inaccessible address. This burning program aims to reduce SHIB’s overall supply and potentially increase its scarcity and value in the future. Despite these efforts, SHIB has not performed as well as other memecoins, with only a 5.5% increase in price over the past week.
Hot Take: Cryptocurrency Market Highlights
The cryptocurrency market has seen significant developments recently. Bitcoin’s surge to $35,000, potentially driven by the expected approval of BlackRock’s Bitcoin ETF by the US SEC, has created excitement and contributed to the rise in alternative coins. Ripple’s XRP has also experienced a notable increase in value due to its legal victories against the SEC, with a decisive outcome expected in April 2024. Meanwhile, Shiba Inu’s burning program aims to make the token more valuable, although it has not seen as much growth as other memecoins. These developments highlight the dynamic and evolving nature of the cryptocurrency market.
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