Stellar Week For Major Cryptos Looks to Continue

The crypto market witnessed an exhilarating week as Bitcoin, the gold standard of cryptocurrencies, augmented its stride. With an impressive touch down beyond the $30,000 mark twice within a week, there’s an undeniable undercurrent of buoyancy in the crypto domain.

On the closing of Friday, Bitcoin registered a commendable increase of over 2%, positioning itself at $29,547.17. If one were to assess its performance across the week, it’s treading confidently towards a 10% weekly gain, reminiscent of its splendid 17% leap on June 23. An even loftier peak was reached earlier with a valuation soaring as high as $30,193.87.

Ether didn’t trail far behind. Clocking in a daily gain of 2.5%, it pegged its value at $1,607.53 and an enviable weekly upswing of 4.3%. This upward trajectory seems to shadow its previous commendable performance on September 29, with a gain of 4.4%, further underscoring Ether’s consistency. Today’s high for Ether was captured at $1,630.03.

Intriguingly, this bullish trend persists despite the 10-year U.S. Treasury yield making headlines by surging to 5%—a phenomenon not seen in 16 years. Historically, higher yields have often thrown cold water on Bitcoin’s fervor. However, this time, Bitcoin appears to be riding high on two significant catalysts.

Firstly, the persistent buzz around the much-anticipated approval of the first spot bitcoin ETF in the U.S. Insiders from JPMorgan dropped hints earlier this week about the Securities and Exchange Commission (SEC) potentially greenlighting an ETF in the upcoming months. Mike Novogratz of Galaxy Digital, in collaboration with Invesco, shared his optimism on CNBC, suggesting that the ETF breakthrough might be just around the year-end corner.

Subsequently, several corporate entities have been observed tweaking their filings, a move perceived by investors as a strategic adjustment in alignment with prior SEC concerns. This flurry of activity is seen by many as a positive omen, indicating the SEC’s proactive engagement with these firms.

Yet, Bitcoin’s stellar performance isn’t solely attributed to the ETF buzz. Another significant influencer seems to be the growing preference for safer investment havens. The mounting apprehensions around Middle East tensions, jitters surrounding the U.S. banking framework, and the overarching market volatility are steering investors towards more stable assets like Bitcoin and gold.

Crypto analysts like Noelle Acheson, the erudite behind the “Crypto is Macro Now” newsletter, highlight the role of endorsements from investment titans such as Larry Fink and Paul Tudor Jones. Their public backing undeniably amplifies the pro-Bitcoin narrative.

Diving into other market segments, altcoins received a boost when the SEC made the unforeseen move of retracting claims against two stalwarts of Ripple Labs—CEO Brad Garlinghouse and co-founder Chris Larsen. This pullback, however, has left the market speculating on the SEC’s next move.

Ripple’s XRP notably surged by 5.8%, and other cryptos like Litecoin, Solana, and Polygon weren’t left behind, recording gains of more than 3%, 7%, and 4% respectively. The takeaway? The crypto market is on a collective uptrend, painting a promising picture for the week.