Bitcoin and other cryptocurrencies, including Ethereum and XRP, have had a good year despite the collapse of the major crypto exchange FTX last year. Bitcoin is currently trading at $34,954, representing a 64.96% increase since January.
Based on Bitcoin’s historical price data, a recent Forbes report titled “Crypto Now Braced For A ‘Massive’ $300 Billion Price Earthquake Following Bitcoin, Ethereum And XRP Surge”, predicts that the cryptocurrency market may soon experience a significant shock, potentially amounting to a $300 billion impact.
The report, which acknowledges the impact of XRP and Ethereum on the market trend, says October was a bullish month for Bitcoin as it observed an almost 29% surge in its value.
The report also highlights that this performance has further strengthened the expectation for a continued bullish move as historically, November tends to outperform October, with Bitcoin showing an average historical gain of more than 35%.
If November continues to yield comparable results, there is the potential for Bitcoin to appreciate to approximately $47,000 within the coming month.
According to the report, such a price surge would contribute an additional $300 billion to Bitcoin’s current market capitalization of nearly $700 billion. This scenario would have significant implications for the cryptocurrency market, potentially reshaping the landscape.
Rachel Lin, the CEO of SynFuture, a derivatives decentralized exchange located in Singapore, highlighted options data indicating traders are expressing confidence in the Bitcoin price’s potential to rise over the upcoming weeks and months.
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Factors that Could Cause a Bitcoin Surge
One of the most prominent factors that could influence a Bitcoin surge is the approval of Bitcoin Spot Exchange-Traded Funds (ETFs). Over the past few months, the cryptocurrency community has been eagerly monitoring a series of applications for Bitcoin Spot ETFs.
The filing of a Bitcoin spot ETF by BlackRock has significantly heightened expectations, with many speculating that this move could pave the way for a substantial influx of Wall Street and institutional capital into the crypto market.
In the report, Lin also pointed out the spike in spot volume, with a marked increase in large transactions exceeding $100,000. This spike signals a surge in institutional curiosity, as major players appear to be solidifying their stakes in the crypto market, with a specific focus on Bitcoin.
Meanwhile, Mike Novogratz, the CEO of Galaxy Digital recently shared his reasons for believing that Bitcoin Spot ETFs would be approved this year. With everyone in the crypto world waiting eagerly for this approval, it will be interesting to see how this plays out.