Last week’s upward rally in the crypto market, lead by Bitcoin, can act as a source of a boosted upshoot this week. As per the new release activities, fundamentals, and market performance of different coins, here are the two cryptocurrencies to watch this week.
Recently, Bitcoin (BTC) alone has driven the whole market capitalization to new heights. The king coin has risen more than 12% in the past week, with the peak at $62,750, the highest price since April.
While the October arrival has brought the bulls and the price is continuously rising through this entire course, the past week’s growth was majorly contributed by the ETF approval news, as TheCoinRise reported. The market sentiment has intensively increased after the U.S. Securities and Exchange Commission (SEC) approved ProShares Bitcoin Futures Exchange Traded Fund (ETF).
Experts are speculating on a further increase in the price as we may see the BTC Futures ETF products rolling up from next week on NYSE Acra under the ticker symbol BITO.
If this happens, we can expect a flood of institutional money inflow, which will majorly influence the Bitcoin price. This is because the regulatory conscious and conservative investors will have the option to gain exposure to the space.
BTC is currently trading at $61,900, and the condition might lift the coin to a new all-time high (ATH), breaching the current ATH at $64,800. With the solid potential growth by the ETF product going live, the coin is definitely worth keeping an eye on.
Despite the stagnant dance of the Polkadot (DOT) on a bearish tone, the coin picked up the speed and recorded the week high at $44.68, which is just a bit lower than the ATH of $49.69 in May.
As we reported, the price geared up suddenly after Polkadot announced the launch of parachain with auctions starting from November 11, lasting for four months. We can expect a considerable price rise once the auctions begin.