Bitcoin surpassed the $31,000 mark, with investor optimism fueled by the anticipation of spot bitcoin exchange-traded funds (ETFs) and the entry of prominent players into the digital currency industry.
Bitcoin cash (BCH) and bitcoin SV (BSV) also join today’s top gainers with a 32.39% and 20.19% gains, respectively.
Behind the surge in value
Bitcoin’s price surged past the $30,000 mark on June 21, driven by an optimistic sentiment among traders who foresee potential spot bitcoin ETFs from industry giants like BlackRock, WisdomTree, and Valkyrie.
This string of filings began with BlackRock on June 15, which was followed by an unnamed source stating that a partnership with Coinbase Custody, a renowned cryptocurrency storage and management platform based in New York City, was also being leveraged.
As one of the largest money managers, the filing is likely believed to be a sign the SEC might give the green-light to other bitcoin ETFs which has since resulted in the many applications that followed.
The combination of these factors is helping bitcoin’s price, leading to an 80% surge in value this year. This is the first time the price has exceeded $31,000 since April, and before that since last June.
Digital currency advocates, including Cameron Winklevoss from Gemini Trust Co., are swift to highlight the recent resurgence of the digital currency, considering the challenging period it has endured marked by scandals, bankruptcies, and regulatory interventions.
Although these numbers are promising, bitcoin’s price remains over 50% below its record high reached in November 2021. Despite the distance from its peak, the cryptocurrency’s recent price movement demonstrates its resilience and continued appeal to investors in 2023.
A look at the market
Alongside bitcoin’s price increase are bitcoin cash (BCH) which is up 32.39% to $177.58, bitcoin SV (BSV) which is up 20.19% to $32.94.
In addition to bitcoin cash following bitcoin’s growth, other related activities are closely linked to its increase, including its listing on the EDX exchange supported by Fidelity, Schwab, and Citadel. Within the last 24 hours alone, the price of BCH has risen by over 10%, reaching $143, a level not seen since February.
Holding the number 3 spot for biggest price gains is vechain (VET) which now sits at $0.0189, a 15.22%. vechain’s price increase comes following Coinbase’s tweet unveiling the inclusion of two assets, vechain (VET) and vethor (VTHO), on its roadmap, generating significant buzz among cryptocurrency enthusiasts.