Bitcoin price rises above $31,000

On October 23, Bitcoin rose above the $31,000 level, with the price testing $31,300 at the time of writing.

Over the last 24 hours the asset gained 4.1%, over the week it has risen by almost 11%, according to CoinGecko.

All top-10 cryptocurrencies by market cap were green. In the daily move, Bitcoin lagged behind Dogecoin at 5.3%, while over seven days — Solana (plus 26.3%).

Total market capitalization reached $1.21 trillion. The BTC dominance index continues to push to two-year highs, rising to 49.9%.

Market enthusiasm is fueled by expectations that the US Securities and Exchange Commission (SEC) will approve spot bitcoin ETFs. Analysts forecast that a positive decision is likely within a month.

In Ernst & Young, считают that there is huge institutional demand for bitcoin-based investment instruments. Large institutions are ready to invest in SEC-registered crypto products, “trillions of dollars,” said Paul Brody, head of the firm’s blockchain business.

Back in mid-October, Bitcoin breached $30,000 amid a false Cointelegraph report that the regulator approved a Bitcoin-ETF from BlackRock.