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<\/a><\/div>\nBitcoin\u2019s (BTC<\/a>) positive trading momentum has persisted this week, with a notable 5% gain in the last 24 hours, bringing its value close to the $30,000 mark, according to data from CryptoSlate<\/em>. Over the past week, the leading digital currency has surged by over 10%.<\/p>\n This surge has driven a notable $30 billion increase in BTC\u2019s market capitalization during this reporting period. Data from CryptoSlate<\/em> indicates that BTC\u2019s market cap has risen to approximately $580 billion as of today\u2019s early hours from the $550 billion recorded on Oct. 19.<\/p>\n Market analysts attribute this bullish performance to the potential approval of the first BTC-based spot exchange-traded fund (ETF) by the U.S. Securities and Exchange Commission (SEC). Bloomberg analysts have given a high 90% probability for such approval, citing recent engagements between the regulator and fund issuers.<\/p>\n Earlier in the week, a false report<\/a> of an ETF approval briefly pushed Bitcoin\u2019s price above $30,000 before it retraced to around $28,000 when the misinformation was corrected. BlackRock CEO Larry Fink characterized the market\u2019s reaction to this news as a sign of \u201cpent-up interest\u201d in the product.<\/p>\n Meanwhile, these price movements are consistent with predictions from prominent crypto firms like Matrixport and CryptoQuant, suggesting<\/a> that Bitcoin could surge beyond $50,000 if the SEC greenlights a spot ETF application.<\/p>\n BTC\u2019s positive momentum has also catalyzed significant price surges for altcoins such as Ethereum, Solana, and XRP.<\/p>\n Over the past 24 hours, Ethereum (ETH<\/a>) experienced a 4% price uptick, reaching $1,609. This uptrend is consistent with its price movement over the past week, gaining 4%.<\/p>\n It\u2019s worth noting that ETH\u2019s price performance remains comparatively subdued among the top 10 digital assets despite the recent launch of multiple ETFs<\/a> linked to it.<\/p>\n Meanwhile, Solana (SOL<\/a>) emerged as the standout performer among the top 10 digital assets during the last 24 hours, registering a remarkable 13% uptick to reach approximately $27\u2014its highest valuation since July.<\/p>\nAltcoins rise<\/h2>\n