Bitcoin, ETFs, and Meme Coins Drive Crypto Market Frenzy: News of October 21, 2024
Forbes predicts Bitcoin’s market cap may reach $100 trillion if adoption rates persist. Meanwhile, SEC approves BTC ETF options, and meme coin hype reaches new highs.
BTC Market Cap Could Reach $100 Trillion Amid Rising Adoption: Forbes
Forbes has published an article suggesting that BTC’s market capitalization could reach $100 trillion if its adoption rate continues at the current pace. Experts predict an acceleration in BTC adoption, driven by the approval of various exchange-traded instruments and blockchain technology advancements. Global crypto adoption is advancing faster than the early days of the internet.
XRP is experiencing a sharp increase in activity and the number of new wallets, according to Santiment.
Nansen’s CEO predicts that 2025 will mark the most powerful Bitcoin bull run in history.
Miner revenues have risen to a two-month high, supported by BTC price recovery, Glassnode reports.
Solana-based meme platform Pump.Fun announced plans to launch its own token in the future.
BTC’s dominance among altcoins has reached 65%, the highest level in 3.5 years.
According to a Charles Schwab survey, nearly half of respondents plan to invest in crypto ETFs within the next 12 months, favoring them over other instruments. U.S. equity ETFs were the top choice for investment.
Bitwise has compared inflows into gold ETFs and spot BTC ETFs in their first year post-launch.
In the past three weeks, U.S. national debt has increased by $500 billion.
Santiment notes a five-month high in hype surrounding major meme coins, warning that rising FOMO could lead to a correction in this segment.
Santiment also reports that wallets holding 100 to 1,000 BTC have been actively accumulating Bitcoin since October 10. This period coincides with a record weekly inflow into spot BTC ETFs.
The SEC has approved the listing of options on BTC ETFs on the NYSE and CBOE exchanges, further expanding investor access to cryptocurrencies.
BlackRock is in talks with cryptocurrency exchanges to integrate its BUIDL token as collateral for transactions.
Solana recently achieved its highest weekly close against Ethereum in history, marking a significant milestone for the blockchain. However, market analysts suggest that this surge may revert in the near future, as such movements often correct themselves over time
Top coins: GIGA, SLOP, SPX, FROG, MEW, SHOGGOTH
That’s all for today. Happy trading week, traders!