Bitcoin at $35,000: Analysis of the Rise and Future Prospects

Tue 24 Oct 2023 ▪ 3 min of reading ▪ by Evans S.
Getting informed Trading

Bitcoin, the digital currency often seen as the barometer of the entire crypto market, has seen a meteoric rise. But what are the reasons for this rise, and what are the stakes for the future?

Bitcoin pump

Bitcoin’s flamboyant comeback

The summer was rather quiet for bitcoin, leaving some to wonder whether the currency had reached its peak.

But as we move into October, bitcoin has beaten the odds. Despite a flaw revealed by a developer on October 23, bitcoin recorded a phenomenal increase of over 10% in just a few hours, rising from $31,000 to over $34,000.

And that was just the beginning: less than two hours later, it climbed again to $35,300. These figures, though astonishing, have been confirmed by renowned trading platforms such as TradingView.

But why such a sharp rise in such a short space of time? Several indicators suggest that the growing enthusiasm around Bitcoin ETFs could be the main reason.

ETFs, or exchange-traded funds, represent a new way for investors to get involved in the Bitcoin market without necessarily owning Bitcoin.

Investment giant BlackRock is at the heart of this dynamic. Recent reports have revealed that the company could be on the verge of gaining approval to launch its own Bitcoin ETF, adding renewed legitimacy and interest to the currency.

The global impact on the cryptocurrency market

Although Bitcoin is often in the spotlight, it’s not the only one to benefit from this bullish wave.

Ethereum, the second-largest crypto by market capitalization, grew by 7%. Solana and Dogecoin, meanwhile, also recorded respectable gains of 11% and 5%.

This sudden uptrend has left many experts and market commentators almost speechless, wondering what could have triggered such euphoria.

Beyond the immediate price movements, this sudden rise could well be a sign of a change of wind for the crypto market as a whole. Data shows that interest in digital asset investment products continues to grow.

Are we witnessing a turning point for bitcoin and other cryptocurrencies? The future remains uncertain, but one thing is clear: an exciting adventure lies ahead, and this spectacular surge is just the prelude to it.

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Evans S. avatar
Evans S.

Fasciné par le bitcoin depuis 2017, Evariste n'a cessé de se documenter sur le sujet. Si son premier intérêt s'est porté sur le trading, il essaie désormais activement d’appréhender toutes les avancées centrées sur les cryptomonnaies. En tant que rédacteur, il aspire à fournir en permanence un travail de haute qualité qui reflète l'état du secteur dans son ensemble.


The views, thoughts, and opinions expressed in this article belong solely to the author, and should not be taken as investment advice. Do your own research before taking any investment decisions.