Bitcoin’s price skyrocketed to $35,000 on Monday, breaking the $35,000 barrier for the first time since May 2022, a remarkable 24-hour gain. The surge is linked to growing excitement about upcoming spot exchange-traded fund (ETF) approvals and increased trading volumes.
The sudden spike, which saw Bitcoin jump over 10% from $31,000 to $34,000, quickly pushed it to $35,300, according to TradingView data. Currently, Bitcoin is trading at $34,550.
The price of Bitcoin surged to as high as $35,300 on Oct. 24. Source: TradingView
This price surge coincided with developments in BlackRock’s proposed spot Bitcoin ETF, suggesting that approval might be on the horizon. BlackRock secured a “CUSIP” license and may begin seeding its spot ETF with cash this month, a positive sign for ETF enthusiasts.
Notably, Bitcoin’s spot trading volume surged to over $35 billion in the past 24 hours, a 241% increase, according to CoinMarketCap data. Ethereum, Solana, Dogecoin, and Cardano also enjoyed gains amidst this unexpected price surge.
As Bitcoin and the broader crypto market experienced this upward momentum, market observers and enthusiasts found themselves amazed by the sudden turn of events. CoinShares data highlighted a favorable environment for this price growth, with digital asset investment products seeing four consecutive weeks of inflows.
