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- Crypto prices are rallying, with Bitcoin (BTC) rising more than 5% to near $30k.<\/li>\n
- Total market cap is up more than 4% to $1.17 trillion, with over $46 billion added in the past 24 hours.<\/li>\n
- Ethereum and XRP have also spiked, above $1,600 and $0.52 respectively as ETF talk and Ripple news buoy markets.<\/li>\n<\/ul>\n
The global cryptocurrency market capitalization is up 4.6% to above $1.17 trillion, with about $46.5 billion added to the crypto market cap in the past 24 hours. The global 24-hour trading volume was about $88 billion, according to data from market aggregator CoinGecko.<\/p>\n
Why are crypto prices rising?<\/h2>\n
A spike in crypto prices<\/a> today is the reason behind the uptick in the total cryptocurrency market cap. As can be seen in the heatmap below, the upward trend for Bitcoin (BTC)<\/a> and across the altcoin market, has fueled the jump in total market cap.<\/p>\n
<\/p>\n![](\"https:\/\/media.igms.io\/2023\/09\/20\/1697797434964-caaf9cfc-14f1-4e4b-8b5d-78ccc2090695.png\")
Crypto market heatmap. Source:\u00a0Coin360<\/a><\/span><\/p>\n<\/span><\/span><\/p>\n
The injection of volatility in the sector is likely the flip in sentiment amid increased speculation on developments around approval for a Bitcoin ETF. While the recent \u201cfake news\u201d on the topic saw Bitcoin and alts give up gains made in a crazy rally on Monday, the upward move towards the $30k level is on again.<\/p>\n<\/div>\n
Bitcoin rose to a new high of $29,961 early Friday, spiking towards levels seen on Monday when the benchmark crypto asset touched the $30k mark. BTC price was up more than 5% in the past 24 hours and nearly 12% in the past week, and some analysts are predicting the beginning of a bull market rally.<\/p>\n
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One #Bitcoin<\/a> is back to $30,000. <\/p>\n
The low is in, the bear market is over. It’s 2015\/2016 all over again.<\/p>\n
\u2014 Micha\u00ebl van de Poppe (@CryptoMichNL) October 20, 2023<\/a><\/p>\n<\/blockquote>\n
The gains come as market experts and crypto analysts point to the growing probability of a Bitcoin ETF. Developments such as BlackRock and other asset managers update their filings to align with SEC feedback.<\/p>\n
XRP rallies amid Ripple news<\/h2>\n
Other than the Bitcoin ETF train, another positive catalyst for today\u2019s market performance could be the news that the SEC has dropped its charges against two top Ripple<\/a> executives. The case was dismissed on Thursday after the regulator and Ripple reportedly agreed to end the matter.<\/p>\n
XRP price rallied to above $0.52, while positivity across the market saw Ethereum break above $1,600. \u00a0Solana<\/a> led the top 10 altcoins, spiking to above $27 with a 24-hour rally of 12%.<\/p>\n