According to a recent Bloomberg report, the crypto market is experiencing a significant rally, with speculative demand expanding beyond the revival of Bitcoin (BTC). In November, gauges tracking the performance of the bottom half and mid-tier tokens in MarketVector’s index of the largest 100 digital assets surged by 16% and 14%, respectively. This surpasses the broader market’s 4% gain and Bitcoin’s modest 1% rise.As a result, BTC’s dominance in the $1.38 trillion crypto market has decreased to around 49%, down from its peak of 51.5% in October, as per CoinGecko data. This decline is often perceived as a sign of growing risk appetite among digital asset investors. Optimism Spreads Beyond BitcoinRichard Galvin, co-founder at Digital Asset Capital Management, noted that this rally is “more extensive and sustained” than any price action seen since January. Galvin mentioned to Bloomberg that in an environment still “relatively thin” in terms of liquidity, substantial upward movements are being witnessed.Bitcoin experienced a notable 28% surge last month, the largest since January, driven by expectations of the first US Bitcoin spot exchange-traded funds (ETFs) securing approval for direct investment in the token. Per the report, the general sense of optimism has extended beyond Bitcoin, fueled by speculations that the Federal Reserve (Fed) has concluded its interest-rate hikes. Furthermore, according to Bloomberg, the crypto rally is spreading to other areas, such as decentralized finance (DeFi), encompassing blockchain projects facilitating peer-to-peer transactions. Interest rates to borrow stablecoins on major DeFi lender Aave have exceeded 10%, indicating investors’ willingness to pay higher costs to fund trading positions.XRP STRENGTH SHINES AMID RIPPLES LEGAL BATTLE Among “smaller tokens,” XRP demonstrated strength in November by recording a 14% increase. This surge can be attributed to Ripple’s recent partial legal victory over the Securities and Exchange Commission (SEC). The lawsuit raised questions regarding whether XRP should be classified as a security falling under the regulatory purview of the SEC.As a result, XRP is currently trading at $0.6699, experiencing a notable decline of over 5% in the past 24 hours after failing to consolidate above current levels. Nonetheless, the token has generated significant profits, evidenced by its 11.4% surge over the past seven days.Moreover, speculation regarding a potential settlement of the SEC lawsuit has been fueled by an upcoming November 9 deadline for a briefing schedule on remedies for pending issues in the case.While Bitcoin has experienced a significant rebound this year, with a 111% increase following the crypto rout in 2022, it is currently trading at 34,800, consolidating above this key level with sideways price action and a slight surge in the past seven days of 1%.Overall, the crypto market is experiencing a broader rally beyond Bitcoin, with its peers gaining momentum and decentralized finance gaining traction.Positive developments for Ripple have contributed to the surge in XRP, while Bitcoin’s rebound and growing investor sentiment indicate a potential shift in the overall market dynamics.Featured image from Shutterstock, chart from TradingView.comTags: #bitcoinBitcoin #chartBitcoin #Bitcoin-BTC #XRPUpdate

The price of Bitcoin is making another attempt to surpass $36,000, but it is retracing from near $35,700. Recently, Bloomberg ETF Specialist James Seyffart made some predictions regarding the approval of a spot Bitcoin ETF. Following the finalization of the GBTC court decision, the SEC has accelerated its discussions with potential issuers.
Spot Bitcoin ETF Approval
In his latest market commentary, James Seyffart reiterated his prediction that the approval of a spot Bitcoin ETF has a 90% chance of happening by January 10th, 2024. The expert believes that there is a strong possibility of all 12 applications being approved simultaneously, further highlighting the significance of November. James stated:
“We believe there is still a 90% chance of spot Bitcoin ETF approvals by January 10th. However, if it comes earlier, we expect approval for all existing applicants. The SEC has issued simultaneous delay decisions for BlackRock, Bitwise, VanEck, WisdomTree, Invesco, Fidelity & Valkyrie. If the agency wants to allow all 12 applicants to launch as we believe, this is the first opportunity since Grayscale’s court victory was confirmed.”The deadline for all 12 is also ending on November 17th. However, theoretically, the SEC can make a decision regarding the first 9 applications on this list at any point until January 10th, 2024.”

“If the SEC wants to be ‘fair’ and approve all spot applications simultaneously, they should do it when there is no pending comment period, between November 9th and 17th.”
According to this, the period between November 9th and 17th will be a range in which we can expect volatility in BTC price.
Bitcoin (BTC) Price Predictions
The sharp upward movement in BTC price seems to have taken a pause for now. The price is within an ascending parallel channel, and investors are now more cautious. The upward sloping 20-day exponential moving average (33,612 dollars) and the RSI lingering in overbought territory suggest that the upward movement may continue. If buyers can push above the resistance line of the channel, it would indicate the start of a rally targeting $40,000.

In the opposite scenario, if the price closes below $33,612, it could drop to $32,400 and $31,000.
⚠️Disclaimer:
This content aims to enrich readers with information. Always conduct independent research and use discretionary funds before investing. All buying, selling, and crypto asset investment activities are the responsibility of the reader.
#BTC🔥🔥 #Bitcoin-BTC $BTC

 The bullish period or bull run is a period to look forward to, welcoming the period that usually occurs in this year's period towards the next period.  Halving will again cut miners' rewards, the market will react.  The hope is to experience the previous bullish conditions that have occurred again.  For those who haven't or have just joined, maybe it's an opportunity that can be said when. However, behind all the brilliance, bullish periods are usually filled with undesirable things, where fraud is rampant again in this period.  The reality is that it has been proven, many have become victims and many have also followed or taken steps like this. Want to take advantage of other people's existence/wealth.  At first glance, this is a perception that can be said to be understandable.  Although some may fail due to fraud by other parties or the games of those in power who have power over the word wealth who like to manipulate. You really need to be careful this season, where the dangers of crypto are clearly proven by the problems of scammers, hackers, ponzis, rugpull, or other negative terms that have become everyday food to be seen and read every day. It's sad, is that the extent of people's intentions to deceive or enrich themselves?  Either out of revenge, or carried away by emotions or worse, the intention from the start was to hurt other people's rights.  The main tendency is envy, envy, emotion, or is it just habitual? What is certain is that you have to note and remember, don't be easily fooled, especially by the new projects that have emerged this year.  One in every thousand is definitely someone who is hidden.  Remember, bullishness will still happen, whether or not it has, in reality, our destiny and efforts will definitely determine what will happen later.  Always remember the word gratitude and never feel sorry for the grace you have been given. -===-Featured image from Deltec Bank & Trust #bullish #bullrun #Bitcoin-BTC #Halving