Bitcoin price corrects after rising above $57,000

On Monday, October 11, the price of the first cryptocurrency briefly rose above $57,000, but soon corrected to $56,500.

The asset’s market capitalization is above $1 trillion (CoinGecko). The metric reached this level for the first time in February 2021, when the coin’s price rose above $53,000.

The driver is the anticipation of a positive decision on the bitcoin-ETF — in August Bloomberg experts predicted approval of the SEC instrument by the end of October. In the same period, the head of the Commission Gary Gensler stated that the approval could be granted for a fund based on Bitcoin futures traded on the CME and the provisions of the Investment Company Act of 1940.

The corresponding applications were filed by Valkyrie Investments, VanEck, Invesco, ProShares, Galaxy Digital and AdvisorShares. The cryptocurrency lending platform BlockFi became seventh in line.

The BTC dominance index is 43.8%, ETH 17.4%. Over the past 24 hours, the price of the second-largest cryptocurrency rose by 0.5%. At the time of writing, the coin is trading at around $3,608.

The rest of the top-10 assets reacted tepidly to Bitcoin’s rise:

Earlier, analyst Michaël van de Poppe suggested that ‘altcoins have not yet entered the game’.

$ETH / $BTC breaking down, while #Bitcoin consolidating.

I’m assuming #Bitcoin continues, while #altcoins are not getting the game yet.

— Michaël van de Poppe (@CryptoMichNL) October 10, 2021

The expert predicted Ethereum could reach $15,000–$20,000 in Q1 2022 too.

#Ethereum to $15,000-20,000 in Q1 2022 too.

— Michaël van de Poppe (@CryptoMichNL) October 10, 2021

According to Glassnode, Bitcoin futures open interest rose by $5.6B through October — this figure is 45% above the September lows.

#Bitcoin futures open interest climbed by $5.6B through October, up 45% since the September lows.

Whilst elevated, the $17.6B in open interest is lower than the $22.5B worth of contracts last time prices were trading at $56k.

Live Derivatives Dashboard: https://t.co/9LWgmCl9Hk pic.twitter.com/1ve2nT2DuJ

— glassnode (@glassnode) October 11, 2021

Earlier, JPMorgan analysts cited institutional interest, the growing popularity of the Lightning Network for micropayments, and assurances by U.S. authorities that there are no plans to ban cryptocurrencies as reasons for the local rally.

Jamie Dimon, the head of the financial holding, predicted Bitcoin could rise tenfold, but declined to buy it.

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