Why Is Dogecoin Shooting Up 10% Today?

Dogecoin DOGE/USD has experienced a 10% surge in the past 24 hours, surpassing its rival Shiba Inu SHIB/USD, as the overall market enters a green zone amid the optimism surrounding Bitcoin BTC/USD ETFs.

What Happened: The month of October seems to have ushered in a positive wave, with Bitcoin’s price smashing through the $34,000 barrier for the first time since May of the previous year. This increase reflects a staggering 14% gain within a day.

The sudden spike in Bitcoin’s price occurred on October 23, propelling BTC to rise over 10% from $31,000 to briefly touch $34,000, before settling at its current price of $34,752, based on data from CoinMarketCap. This rally triggered a wider market surge, impacting various altcoins and even meme coins.

During the past 24 hours, SHIB saw a 6.49% increase in price, while FLOKI FLOKI/USD rose by 5%.

Will The SEC Finally Approve Long-Awaited Bitcoin Spot ETF? Ask industry experts directly at Benzinga's Future of Digital Assets event happening in NYC on Nov. 14, 2023. Be a part of the discussions where you won't just be a passive spectator. Don't let this chance slip away – secure early bird discounted tickets now!

See More: A Stay At The Floating Palace From James Bond's ‘Octopussy

Why It Matters:  The unexpected rise in Bitcoin’s price coincides with a renewed interest in the imminent approvals of spot ETFs and a significant surge in trading volumes across spot markets. This surge also aligns with the latest developments surrounding BlackRock’s proposed spot Bitcoin ETF.

On October 23, analyst Scott Johnson, through a post on X, formerly known as Twitter, highlighted two new pieces of information that could indicate the possibility of a spot Bitcoin ETF approval for investment giant BlackRock coming closer. Johnson noted that BlackRock had secured a specific “CUSIP” license, potentially paving the way for the seeding process of their spot ETF product with cash, which may commence as early as this month.

Responding to Johnson’s post, senior Bloomberg ETF analyst Eric Balchunas commented on the implications of seeding an ETF, stating that it typically involves a relatively small amount of money, just enough to get the ETF off the ground. However, he acknowledged that it is a positive sign and represents “another step in the process of launching.”

Price Action: At the time of writing, DOGE was trading at $0.068, up 10.88% in the last 24 hours, according to Benzinga Pro.

Photo by Dennis Diatel on Shutterstock

Read Next: Here’s How Much You Should Invest In Shiba Inu Today For A $1M Payday If SHIB Hits 1 Cent?

Market News and Data brought to you by Benzinga APIs
Posted In: CryptocurrencyNewsMarketsBitcoindogecoinETFShiba Inu
Benzinga simplifies the market for smarter investing

Trade confidently with insights and alerts from analyst ratings, free reports and breaking news that affects the stocks you care about.

Join Now: Free!