Bitcoin has crossed the $36,000 mark for the first time since May 2022 as excitement about a spot ETF approval returns. The broader crypto market has caught up with the bullish momentum, with BNB and Bitcoin Spark hinting at significant uptrends. Let’s find out how high these coins can go.
What you'll learn 👉
Bitcoin Extends Rally As Spot ETF Excitement Returns
The price of Bitcoin has surged to a new 18-month high as it rallied near $37,000. The latest price surge has been linked to excitement over the approval of a spot Bitcoin ETF. According to a Bloomberg report, between November 9 and 17, the SEC has its first window to approve 12 spot ETFs for BTC.
With at least one expected to be approved, excitement has returned to the U.S. market. Van Straten shared data from Glassnode, which showed that U.S. buyers have been sustaining the rally. The Bitcoin price prediction from the analyst suggests that BTC could rally to $40,000 over this 8-day period.
Bitcoin’s rising futures open interest is another bullish indicator that analysts have referenced. However, BTC whales should pay attention to the $38,000 resistance level over the next few days. A break above this level will see Bitcoin extend its bullish price movement throughout 2023.
BNB Has Showed Signs of a Potential Breakout
Unlike Bitcoin, the price movement of the BNB coin hasn’t been as bullish. Since BNB broke below the $250 level in July, it has failed to reclaim this resistance. However, recent on-chain data suggests that the Binance Coin could be ready for a massive rally.
BNB has reported a spike in its development activity (from 0.017 to 0.17), and a rise in social metrics and open interest over the past three months. The Binance exchange also reported a 6% rise in the BNB reserve. All these have been interpreted as bullish signals hinting at a price surge for the BNB token.
The BNB price prediction from CoinCodex reflects the bullish sentiments. According to the price forecast, the altcoin could trade between $304 and $315.93 before the end of October. However, the BNB price must first climb above $250 from the $249 it currently trades at.
Investment Numbers Rise As Bitcoin Spark Shows Bullish Potential
Bitcoin Spark is a new Bitcoin fork that has been at the center of investor participation. While it’s a new project, it is the inclusive, participatory mining approach of Bitcoin Spark that has caught the attention of the crypto community. The project has introduced a unique Proof of Process consensus to achieve its goals.
This new model is a refined blend of Proof-of-Stake and Proof-of-Work created to empower users to level the crypto mining barriers. On the network, users can mine BTCS tokens with only their smart devices unlike the expensive devices required in Bitcoin’s PoW.
Bitcoin Spark also integrated resource contributions for network users to rent and increase rewards. The rented computing power ensures greater participation since anyone can mine on the network. This model could make Bitcoin Spark one of the most self-sustainable blockchain networks. It also offers greater transaction speed and throughput than Bitcoin.
This model has been projected to make Bitcoin Spark a front-runner in the crypto space. In addition, as a Bitcoin fork, BTCS has been projected to benefit the BTCS tokens. Now in its tenth crypto presale stage, you can snap up the tokens for only $3.75. However, BTCS has been projected to reach a new ATH of $35 post-ETF approval.
Find out more about the Bitcoin Spark ICO below:
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