The total cryptocurrencies market capitalization currently sits at $1.27 trillion. Let's have a look at the latest movements in the prices of some of the most popular digital assets:
Bitcoin's rally
In a surprising turn of events, Bitcoin has surged by 11% on October 24, reaching a price of $33,623. This significant milestone marks the highest value for Bitcoin in 16 months, and it's fuelled by growing optimism surrounding the potential approval of Bitcoin exchange-traded funds (ETFs) in the United States.
iBTC listing sparks altcoin surge
Eric Balchunas, a prominent ETF analyst at Bloomberg, made a noteworthy announcement regarding the listing of BlackRock's iShares Bitcoin Trust under the ticker symbol iBTC on the Depository Trust and Clearing Corporation's website.
This has had a ripple effect, causing prices of various altcoins to skyrocket.
Ethereum follows suit
Ethereum, the second-largest cryptocurrency by market cap, also experienced a substantial price surge of 7.61% on the same day, reaching a value of $1,813.
Over the course of 24 hours, ETH's value increased by $125.
Altcoins on the rise
Bitcoin and Ethereum's positive momentum has sparked a wave of price surges among other cryptocurrencies.
Altcoins such as Binance Coin, Ripple, Cardano, Dogecoin, Litecoin, and Polygon have all seen notable gains.
Additionally, Polkadot, Shiba Inu, Avalanche, Stellar, and Monero are among the cryptocurrencies trading in the green today.
Market cap reaches new heights
The overall cryptocurrency market capitalization has soared by 8.57% in the past 24 hours, reaching a total of $1.27 trillion.
This is a clear indication of the growing enthusiasm in the crypto space.
Notable exceptions in the market
Despite the overall positive trend, certain altcoins, including Tether, USD Coin, Solana, Leo, Cronos, and Binance USD, did not witness any gains on this particular day.
The road ahead: BTC ETF approval potential
The cryptocurrency landscape could see a substantial boost in adoption if the United States decides to approve Bitcoin ETFs.
This would provide a more accessible avenue for individuals to invest in Bitcoin without the need for direct purchases through exchanges.
However, it's worth noting that the US authorities have yet to make a definitive decision regarding Bitcoin ETF approvals.
