Posted on Oct 20, 2021 at 4:43 PM
The cryptocurrency market was vibrant last week, thanks to the prospect of the SEC approving the trade of a Bitcoin ETF (CRYPTO: BTC).
Asset manager ProShares filed an updated prospectus with the SEC last Friday for the Bitcoin Strategy ETF, which is expected to trade under the ticker symbol BITO. Additionally, Bloomberg has added the symbol to its data feed, rekindling hopes.
Bitcoin Rides ETF Peak New: Bitcoin, the most traded cryptocurrency, broke the psychological resistance of $ 60,000 for the first time since April 18.
After closing Oct. 10 at $ 54,771.58, bitcoin traded in a sawtooth pattern for much of the week before taking off strongly on Friday after the ETF announcement. The cryptocurrency gained around 11% through Saturday.
Bitcoin continued its momentum on Sunday and hit an intraday high of $ 61,338.25, but has given up some ground since then.
Related link: Bitcoin is worth about half of what is estimated in the stock-flow index – largest deviation in four months
Ethereum keeps pace with its most illustrious peer: Among altcoins, Ethereum (CRYPTO: ETH) made a good start for the week. From $ 3,425.85 at the close of October 10, Ethereum started the week on a good note, rising 3.5% on Monday, but falling back on Tuesday.
After climbing each session through Friday, Ethereum consolidated its gains on Saturday. Between October 10 and Saturday, the crypto gained around 11.6%.
Inactive Dogecoin: Dogecoin (CRYPTO: DOGE) failed to gain decent momentum for the week. From $ 0.2298 on October 10, the meme coin surged on Monday, as did other cryptocurrencies, ending at $ 0.2315. Intraday, the cryptocurrency plummeted to $ 0.2165.
Doge retreated below the 23-cent mark on Tuesday and has since regained that level during the week. The coin itself had a modest 3.3% gain for the week.
Shiba Inu has a flat week: Shiba Inu, (CRYPTO: SHIB), another currency even among the “Doge assassins,” had an unsurprising week.
The crypto closed on October 10 at $ 0.000026 but rose to $ 0.000032 on Monday before ending the session at $ 0.000031. The same coin fell to $ 0.000029 on Tuesday and ended unchanged on Wednesday.
After recovering from losses for the next two sessions. Shiba Inu struggled to get back to $ 0.000026 on Saturday.
The next week is likely to bring more action to the crypto space. The introduction of the Bitcoin ETF is considered a driving force behind the adoption of cryptocurrencies and other altcoins.
On the latest check, bitcoin fell 0.39% to $ 60,874.07.
Ethereum was down 1.51% to $ 3,858.33.
Dogecoin was down 1.35% to 23,855 cents.
The Shiba Inu was down 0.28% to $ 0.000026.
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