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Tuesday, December 7, 2021

Bitcoin ETF Rumors Help Surge Altcoins

The 14th of October saw the crypto bulls flexing their muscles and pushing forth their intent on increasing the Bitcoin price to $65,900. A major reason behind this move would be the steady chatter about a possibility for an ETF- or exchange-traded fund of BTC being approved by the end of the month.

According to data that was received from TradingView and Cointelegraph Markets Pro, it has been highlighted that after hitting its newest low of $54,103 on the 13th of October, the price of BTC increased by 8.2% to hit an intraday high of around $58,532 on the 14th of October, as the ETF discussion started having fresh rounds on Crypto Twitter.

Smart Contracts Helped By Bitcoin

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The increase in the price of Bitcoin above the range of $58,500 is also quite important since it marks an increase of 100% in the price of BTC regressing to a price of $29,193 on the 20th of July- which would signal a strong recovery amidst a heavy demand.

The price-performance of BTC is also an indicator that most of the market participants are getting back in their accumulation mode- a fact which has been backed by Glassnode data that shows that the amount of BTC which is contained in wallets has increased with the price increase of the cryptocurrency. 

The increase in price along with a growth in the bullish sentiment surrounding Bitcoin has definitely helped bring more attention to projects which are related to the cryptocurrency- aimed strictly at facilitating its integration into the ecosystem of decentralized finance. They have also added the capabilities of smart contracts to the ecosystem of BTC. 

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A Bitcoin project which has witnessed an increase in its token price is Stacks- a layer one solution of blockchain that aims at bringing smart contracts along with decentralized applications to the network of BTC.  

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