Bitcoin (BTC) enthusiasts have been eagerly anticipating a monumental surge past the $100,000 mark, spurred by the cryptocurrency’s robust fundamentals. However, amidst the recent upheaval in the market, optimism has been met with volatility.
Adam Back, the CEO of Blockstream, expressed his belief in Bitcoin’s potential, underlining that its current valuation should have ideally surpassed the coveted six-figure milestone.
Back’s comment arrives during a period of significant market turbulence triggered by the abrupt removal of BlackRock’s iShares Bitcoin Trust from the listing of the Depository Trust & Clearing Corporation, sending ripples through the crypto community.
Stahp reloading, you guys crashed dtcc website 🤣 it doesn’t mean anything anyway. Yes ETF coming in a while, but these are all procedural normal things. Yes BTC mispriced should be already over $100k for several few years based on fundamentals. But let’s keep it real.
— Adam Back (@adam3us) October 24, 2023
Bitcoin Surges To $35,000 In 2023
In a surprising turn of events, Bitcoin’s price surged to $35,000 for the first time since last year. The spot trading volume also experienced a substantial uptick, soaring by 187% to reach $50 billion. The market capitalization of Bitcoin climbed by 13%, reaching an impressive $676 billion. These figures hint at the continued interest and support for the cryptocurrency, even as it grappled with the shock of BlackRock’s decision.
The recent rally that propelled Bitcoin to these heights began last week, triggered by a surge in fake news regarding the approval of a Bitcoin spot ETF proposal by BlackRock. This news sent shockwaves through the market, prompting investors, especially institutions, to scramble to meet their growing appetite for Bitcoin.
As of the latest data from CoinGecko, the current BTC price stands at $34,136, reflecting a 0.8% gain in the last 24 hours and an impressive 18.6% surge over the past seven days.
BTC market cap currently at $668.387 billion. Chart: TradingView.com
Potential For Bitcoin ETFs To Attract Traditional Investors
The prospects of a Bitcoin exchange-traded fund (ETF) have been generating significant interest, with expectations that it could entice more traditional investors into the world of cryptocurrencies through the stock market.
Such an influx of capital could have a profound impact on the sector. It has long been speculated that a Bitcoin ETF approval could be a game-changer for the digital currency market, offering a more accessible entry point for mainstream investors.
Furthermore, the Bitcoin futures open interest (OI) recently reached a historic milestone of 100,000 BTC on the Chicago Mercantile Exchange (CME). This development indicates a remarkable surge in institutional investors’ appetite for the leading cryptocurrency.
As a consequence, the market share of CME experienced a 25% increase, and there are suggestions that it could soon surpass that of Binance’s perpetual market.
Vetle Lunde, an analyst at K33Research, noted that this trend is indicative of the growing institutional interest in the crypto space.
CME BTC futures OI has breached 100k BTC for the first time ever.
While offshore perp OI shrank by 26,735 BTC yesterday, CME’s OI grew by 4,380 BTC. pic.twitter.com/kjKBRYCoSX
— Vetle Lunde (@VetleLunde) October 24, 2023
The recent price surge and increased institutional interest offer hope for the future of Bitcoin and the broader cryptocurrency market.
Featured image from VectorStock
