Bulls showed their determination to push Bitcoin (BTC), closer to its record $65,900 on Oct. 14. The steady talk about a Bitcoin exchange traded fund (ETF), is one reason why the price has moved.
Cointelegraph Markets Pro and TradingView data show that Bitcoin prices rallied 8.2% after hitting an Oct. 13 low of $54,103 and then climbed to $58,532 intraday on Oct. 14, as Crypto Twitter heatedly discussed ETFs.
BTC/USDT 1-day chart. Source: TradingView
It is significant that the BTC price has risen to $58,500 from $29,193 in July 20th. This indicates a strong recovery and increased demand.
The price performance of Bitcoin is also a sign that market participants are back into accumulation mode. Glassnode data shows that Bitcoin has seen a steady increase in size since mid-June, when it briefly fell below $29,000.
Bitcoin waves. Source: Glassnode
Badger DAO introduces Bitcoin to DeFi
Bitcoin’s rising price and increasing bullish sentiment have brought more attention to projects related to Bitcoin. These projects aim to integrate Bitcoin into the Decentralized Finance (DeFi) ecosystem and provide smart contract capabilities.
Badger DAO is one beneficiary, a decentralized autonomous organisation that focuses on building products around Bitcoin’s utility.
TradingView data shows that the BADGER token’s price has risen 187% since Oct. 1 from $15.69 to $45.09 per day on Oct. 14. The 24-hour trading volume of TradingView increased by 147%, to $162 millions.
4-hour chart for BADGER/USDT Source: TradingView
BADGER’s price surge coincides with Coinbase Pro listing of the token.
Related: CME Bitcoin futures open Interest hits an 8-month High, Higher than the $65K price when BTC was at $65K
Stacks offers smart contracts for Bitcoin
Stacks is another Bitcoin-focused project which has seen a rise in its token price. This layer-one blockchain solution aims to bring decentralized applications and smart contracts to the Bitcoin network.
VORTECS(tm), data from Cointelegraph Markets Pro, began to detect a bullish outlook on Stacks’ STX cryptocurrency on Oct. 11, before the recent price increase.
Cointelegraph’s exclusive VORTECS(tm), Score is an algorithmic comparison between historical and current market conditions. It is derived from a combination data points, including trading volume, market sentiment and recent price movements, as well as Twitter activity.
VORTECS(tm), Score (green) vs. the STX price. Source: Cointelegraph Markets Pro
The chart shows that the VORTECS(tm), Score for STX started to rise on Oct. 11, and hit 82 just five hours later. This was before the price rose 33% in the following two days.
The ongoing discussions around a Bitcoin ETF continue their drive for speculation and price action in the crypto market, particularly tokens that are associated with the top cryptocurrency. However, there are still risks that this could become a sell-the news, buy-the rumor type of event.
It is also worth noting the possibility of a Bitcoin ETF being launched has been discussed since 2013. This was the reason behind the 2017-2018 bull market. Therefore, it would be prudent to wait for an announcement from a regulator before you assume that a Bitcoin ETF will ever arrive.
You should research all aspects of trading and investment before making any decisions.