Bitcoin surged above $45,000 for the first time since April 2022 on Tuesday, as the world’s largest cryptocurrency kicked out the New Year with a bang, spurred by hopes for the approval of exchange-traded spot bitcoin funds.

Bitcoin reached a 21-month high of $45,532 after gaining 156% last year, its best yearly performance since 2020. It was last up 2.5% at $45,318 but is still a long way from the record high of $69,000 set in November 2021.

On Tuesday, ether, the token linked to the ethereum blockchain network, was 1.45% higher at $2,386 after rising 91% in 2023.

The emphasis of investors has been fully on whether the US Securities and Exchange Commission would soon approve a spot bitcoin ETF, which would open up the bitcoin market to millions more investors and attract billions of dollars in investment.

In recent years, the Securities and Exchange Commission has denied many applications to launch spot bitcoin ETFs, alleging that the cryptocurrency market is susceptible to manipulation.

In recent months, however, there have been increasing indications that regulators are ready to approve at least part of the 13 proposed spot bitcoin ETFs, with a decision expected in early January.

However, if the green light is given, the obvious issue is whether we will see a buy-the-rumor, sell-on-fact scenario play out or whether it will promote another run higher.

Rising predictions that major central banks will lower interest rates this year have also been beneficial to cryptocurrencies, helping to dispel the pessimism that had crept over crypto markets following the demise of FTX and other crypto-businesses in 2022.

The crypto market is expected to rise significantly this year, with important impacting factors including the influx of investment capital from spot ETFs, the halving of Bitcoin, and more supportive monetary policy in the United States and globally.

The price of Bitcoin (BTC) reached a high of $34,911.49 during the last seven days.

As “Uptober” comes to a conclusion, Bitcoin (BTC), the oldest and most valuable cryptocurrency in the world, easily managed to stay over $34,000. The strong market mood surrounding Bitcoin Spot ETFs and the increasing number of corporations eager to get on board the bandwagon could be largely responsible for the continuous rally. Naturally, the prices have risen as of this writing and are still showing dividends after the US Securities and Exchange Commission (SEC) decided not to contest the Grayscale ETF application last week. As usual, it’s unclear how long this most recent rise will last.

Readers should be aware that coin prices and the cryptocurrency market as a whole are very erratic before continuing. It is impossible to predict with certainty how cryptocurrencies will perform in the future. The purpose of this article is to assist investors in staying abreast of the most significant events that have already occurred, as well as some noteworthy forthcoming events and current market circumstances. Before taking any calls, investors are recommended to conduct their own research.

Crypto Prices Over The Past Week

The value of the entire cryptocurrency market was $1.16 trillion. The price of ETH was around $1,700, and the price of BTC was over $30,700.

The market capitalization increased to $1.26 trillion one week later.

With a total volume of $2.68 billion, DeFi accounts for 9.85% of the market’s 24-hour volume. Stablecoin volume as a whole is $23.77 billion, or 87.32 percent of the 24-hour market volume. The entire market fear and greed index, according to CoinMarketCap, was at 72 points (out of 100) on Monday, indicating a considerable increase in investor confidence from the previous Monday.

The dominance of BTC was 52.97 percent at the time of writing.

Bitcoin reached a high of $34,911.49 on October 02 and a low of $30,500.93 on September 29 in the last seven days.

In contrast, Ethereum experienced a high of $1,852.53 on September 26 and a low of $1,665.73 on September 22.

Crypto Events To Note

ProShares Bitcoin Strategy ETF and VanEck Bitcoin Trust are two notable recent advancements in the cryptocurrency investment field.

Launched in October 2021, the ProShares Bitcoin Strategy ETF trades Bitcoin futures contracts in an attempt to produce returns emulating those of the cryptocurrency. Interestingly, the Fund doesn’t actually invest in bitcoin. According to the most recent data, the ETF has performed well year to far, up 80%, but it’s important to remember that it has also had a 36% loss since its launch.

ProShares Bitcoin Strategy ETF and VanEck Bitcoin Trust are two notable recent advancements in the cryptocurrency investment field.

Launched in October 2021, the ProShares Bitcoin Strategy ETF trades Bitcoin futures contracts in an attempt to produce returns emulating those of the cryptocurrency. Interestingly, the Fund doesn’t actually invest in bitcoin. According to the most recent data, the ETF has performed well year to far, up 80%, but it’s important to remember that it has also had a 36% loss since its launch.

CoinDesk stated in a recent market update for cryptocurrencies that there has been a noticeable increase in the bullish momentum of Bitcoin (BTC). In just one week, Bitcoin saw an incredible increase of more than 14%, finally levelling off at over $33,700. This increase came after Bitcoin recently reached its yearly high of $35,000. Despite this, it was unable to surpass that significant price point. It is noteworthy that the performance of Bitcoin closely resembles the 14% gain shown in the CoinDesk Market Index (CMI).

Moreover, the cryptocurrency market shown noteworthy resilience in the CoinDesk Computing Sector (CPU), an indicator intended to track protocols devoted to creating and maintaining the Web3 and distributed computing infrastructure. With tokens like Chainlink (LINK) and Fetch.AI (FET) exhibiting remarkable success, the CPU index saw significant gain of more than 17%. These developments in the computing industry highlight the increasing interest in initiatives pertaining to the creation of Web3 and distributed computing systems in the context of cryptocurrencies.

Finally, Zodia Custody, a cryptocurrency security firm owned by the well-known British financial behemoth Standard Chartered, has revealed that it will soon begin offering services in Hong Kong, as CNBC reported. This initiative represents the company’s most recent strategic expansion into the Asia-Pacific area. The company is situated in the United Kingdom. Zodia Custody was founded in 2020 and specialised in offering financial institutions safe bitcoin storage options.

Zodia CEO Julian Sawyer highlighted that the Hong Kong market has a distinct demand profile, originating more from institutional sources than from individual retail clients. He claimed that Zodia’s service offerings easily meet this kind of institutional need. Julian Sawyer also emphasised how the government and regulatory agencies in Hong Kong have taken the initiative to acknowledge the role that digital assets will play in determining the direction of the financial sector in the future. Their goal is to establish Hong Kong as the epicentre of the rapidly expanding bitcoin sector.

While Ethereum fell by about two percent but stayed below the $1,800 barrier, Bitcoin experienced some profit booking as it fell by more than one percent while holding roughly 34,000 levels.

After the ticker for BlackRock’s (BLK) spot bitcoin ETF, IBTC, was taken down from the Depository Trust & Clearing Corporation’s (DTCC) website and then added back, the price of bitcoin and other cryptocurrencies fell on Wednesday morning. But profit booked from rash cryptocurrency purchases is nothing new.

Following a robust secular surge, Bitcoin experienced some profit booking. Despite declining more than 1%, the largest cryptocurrency held its ground around roughly 34,000 levels. Ethereum, its biggest rival, saw an almost 2% decline but managed to stay below the $1,800 mark. The majority of altcoins had decreased in value.

Following the unexpected debut of BlackRock’s spot bitcoin ETF (IBTC) ticker on the US Depository Trust & Clearing Corporation website, the value of bitcoin recently surpassed the $35,000 mark. But after the ticker briefly vanished and then reappeared, prices during the previous day stabilised back around $34,000.

Grayscale’s legal victory over the US SEC, in which the DC Circuit Court of Appeals ordered the agency to reevaluate its denial of Grayscale’s spot bitcoin ETF application, may also be connected to this positive trend. Market participants are optimistic that the Bitcoin spot ETF applications will soon be approved due to the combination of these factors.

With a few notable exceptions, the bulk of popular cryptocurrency tokens saw a decline in price on Wednesday. Toncoin, Polygon, Solana, and BNB all saw declines of two percent apiece, while Dogecoin and Polkadot fell by more than three percent each. Chainlink gained more than 11% of the gainers, and XRP gained almost 1%.

The market capitalization of all cryptocurrencies worldwide was trading much lower, dropping to $1.25 trillion after decreasing by almost 1% over the previous day. But at $69.61 billion, the total trading volume fell by more than 13%.

The temporary withdrawal of BlackRock’s (BLK) spot Bitcoin ETF ticker, IBTC, from the Depository Trust & Clearing Corporation (DTCC) website may have contributed to the declines in both Bitcoin (BTC) and Ethereum (ETH) over the last day. It’s crucial to remember, though, that the ticker was relisted a few hours later.

Quick analysis of cryptocurrency prices on October 10: The value of the worldwide market grew to $1.27 trillion.

The world’s oldest and most valuable cryptocurrency, Bitcoin (BTC), started Thursday morning stable around the $34,000 range. After falling below $1,800 yesterday, Ethereum (ETH) was able to reclaim the mark today. Other well-known altcoins, including as Litecoin (LTC), Dogecoin (DOGE), Ripple (XRP), and Solana (SOL), performed well overall. Memecoin Pepe (PEPE) has seen an incredible wild ride. It started out as the top gainer on Tuesday, turned into the biggest loss on Wednesday, and then managed to turn things around again to become the biggest gainer today—a perfect example of severe cryptocurrency volatility.

The value of the entire cryptocurrency market was $1.27 trillion at the time of writing, a 1.33 percent increase in only one day.

Bitcoin Price Today
According to CoinMarketCap, the price of bitcoin was $34,792.09, representing a gain of 2.27 percent in a day. As to the Indian exchange WazirX, the current value of Bitcoin was Rs 29.51 lakh.

Ethereum Price Today
At the time of writing, the price of ETH was $1,811.83, a 1.29 percent increase in just 24 hours. Ethereum’s price in India was Rs 1.53 lakh, according to WazirX.

Dogecoin Price Today
As of right now, DOGE is trading at $0.07167, having gained 8.39 percent in a day, according to statistics from CoinMarketCap. The price of Dogecoin in India was Rs 6.13, according to WazirX.

Litecoin Price Today
Litecoin gained 0.41 percent in a 24-hour period. As of writing, its trade price was $69.89. The price of LTC in India was Rs 5,905.01.

Ripple Price Today
The price of XRP was $0.5575 after rising 0.72 percent in a day. WazirX reported that the price of ripple was Rs 48.

Solana Price Today
The price of solana was $32.57, up 4.91 percent over the previous day. The price of SOL in India was Rs 2,760.30, according to WazirX.