The cryptocurrency market was buoyant in the past week, thanks to the prospect of the SEC approving trading in a Bitcoin (CRYPTO: BTC) ETF.
Asset manager ProShares has filed an updated prospectus with the SEC late Friday for the Bitcoin Strategy ETF, which is expected to trade under the ticker symbol BITO. Incidentally, Bloomberg has added the ticker to its data feed, revving up hopes.
Bitcoin Rides The Crest of the ETF New: Bitcoin, the most widely traded cryptocurrency, topped the $60,000 psychological resistance for the first time since April 18.
After ending Oct. 10 at $54,771.58, Bitcoin was seen moving back and forth for much of the week before taking off strongly on Friday on the back of the ETF news. The crypto added about 11% until Saturday.
Bitcoin gathered furthered momentum on Sunday and rose to an intra-day high of $61,338.25 but has given back some ground since then.
Ethereum Keeps Pace With its More Illustrious Peer: Among the altcoins, Ethereum (CRYPTO: ETH) had a good outing in the week. From $3,425.85 by close on Oct. 10, Ethereum began the week on a strong note, adding 3.5% on Monday, but pulled back on Tuesday.
After rising for each of the sessions until Friday, Ethereum was been consolidating the gains on Saturday. Between Oct. 10 and Saturday, the crypto has gained about 11.6%.
Doge On a Slumber: Dogecoin (CRYPTO: DOGE) failed to pick up any decent momentum during the week. From $0.2298 on Oct. 10, the meme currency rose on Monday, along with the other cryptos and ended at $0.2315. Intraday, the crypto dipped as low as $0.2165.
Doge pulled back below the 23-cent barrier on Tuesday and has since then reclaimed the level over the week. The meme currency has made a modest gain of 3.3% over the week.
Shiba Inu Has a Flat Week: Shiba Inu, (CRYPTO: SHIB), another meme currency among the so-called Doge killers, has had an unenterprising week.
The crypto ended Oct. 10 at $0.000026 but rose on Monday to a high of $0.000032 before settling the session at $0.000031. The meme currency slipped back to $0.000029 on Tuesday and ended unchanged on Wednesday.
After recouping the losses in the next two sessions. Shiba Inu fought it way back to $0.000026 on Saturday.
The upcoming week is likely to bring more action in the crypto space. The introduction of the Bitcoin ETF is seen as driving adoption of the crypto as well as the other altcoins.
At last check, Bitcoin was seen slipping 0.39% at $60,874.07.
Ethereum was retreating 1.51% to $3,858.33.
Dogecoin was pulling back 1.35% to $23.855 cents
Shiba Inu was down 0.28% at $0.000026.
Related Link: How to Buy Shiba Inu Coin