Bitcoin (BTC) started October with an incredible 10% jump. The leading cryptocurrency started the last quarter of the year above $ 47K, and the entire crypto ecosystem celebrates the multiplicity of factors that promise an incredible leap in the remainder of the year. As of press time, the price of BTC is $ 47,513.
The last hours have been extremely positive for the crypto market. In the first place, the president of the United States Federal Reserve (FED), Jerome Powell, assured in a public hearing that there are no intentions on the part of the government to ban the crypto market, which dispelled all the fears of those who speculated with behavior similar to that of the Chinese government.
On the other hand, El Salvador once again made a splash in the ecosystem. President Nayib Bukele reported through his social networks that the government mining facility has already managed to extract its first BTC with volcanic energy. Within months of the market crashing due to environmental concerns, a nation state shows the world that it is possible to mine with renewable energy.
Third, there is a lot of expectation from the community that the United States Securities and Exchange Commission (SEC) will approve exchange-traded BTC funds (ETFs) and skyrocket the price of the cryptocurrency. A few days ago, Bloomberg crypto expert Mike McGlone suggested that it could happen this month.
Finally, the specialists also cling to the historical factor; the latter part of the year is usually bright for BTC. Without going any further, in 2020 the cryptocurrency tripled its price in the last 3 months of the year, going from almost USD 11K to USD 30K.
The rest of the crypto market accompanied the rise of BTC and some altcoins reached double-digit jumps. Ether (ETH) jumped 10% in the last 24 hours and hit $ 3,258.
The big players of the day were Solana (SOL) and Polkadot (DOT), which were up 15% and 12%, respectively, and are now trading at $ 157 and $ 31.40. Binance coin ( BNB ), XRP , Litecoin ( LTC ), and Bitcoin cash ( BCH ) jumped more than 9% and are trading at $ 415, $ 1.03, $ 165, and $ 539 respectively.
Finally, Cardano (ADA) and Dogecoin (DOGE) accompanied the rises with a growth of 7%, which brought their price to USD 2.23 and USD 0.21.