Bitcoin edges towards $87,000 as XRP and BNB join broader market rally
Bitcoin rose 2.08 per cent to US$86,528.00 in the past 24 hours, nearing the $87,000 mark amid renewed investor optimism. The rally was led by XRP and BNB, while spot Bitcoin ETFs attracted $134 million in early October inflows.
Bitcoin climbed 2.08 per cent over the past 24 hours to trade at US$86,528.00, inching closer to the psychological US$87,000 barrier after touching an intraday high of US$86,737.00. The leading cryptocurrency by market capitalisation, now valued at US$1.74 trillion, saw 24-hour trading volume of US$17.97 billion. The move comes as market participants eye the US$94,000 level, with some analysts speculating Bitcoin could reach as high as US$600,000 by 2029, according to comments from veteran trader Peter Brandt reported in the latest Hodler's Digest.
XRP led the major altcoin gains, rising 2.09 per cent to US$1.52 with a market cap of US$95.84 billion and 24-hour volume of US$1.29 billion. BNB added 1.22 per cent to reach US$794.30, capitalising on a market cap of US$105.76 billion and volume of US$572 million. Ethereum rose a more modest 1.36 per cent to US$2,725.32, with its market cap of US$332.73 billion supported by US$6.35 billion in daily trading. Solana gained 1.03 per cent to US$121.26, while TRON edged up 0.06 per cent to US$0.34.
The total cryptocurrency market capitalisation recovered from a US$50 billion macroeconomic dip to finish the week nearly flat, though the altcoin segment slipped slightly from US$1.3 trillion to US$1.285 trillion due to mixed performance. Spot Bitcoin exchange-traded funds provided a notable tailwind, drawing US$134.4 million in net inflows over the first two trading days of October, rebounding from a September 30 outflow as a weaker-than-expected jobs report tempered bets on further Federal Reserve rate hikes.
In regulatory developments, the US Securities and Exchange Commission approved the listing of a Bitcoin fund targeting three times the daily performance of its futures benchmark. The ruling covers a broader commodity lineup while preserving exchange oversight and brokerage obligations. Separately, the International Monetary Fund confirmed it has granted El Salvador US$138 million after the country secured waivers related to its Bitcoin policies, with the IMF stating efforts will continue to reduce state involvement in Bitcoin-related activities and strengthen crypto-asset regulation and governance.
Former SEC chair Jay Clayton was appointed as the Trump administration's artificial intelligence czar, a move that drew criticism from XRP supporters and Roman Storm, who remain unhappy with Clayton's previous enforcement actions. Meanwhile, Michael Saylor's latest social media post, featuring the company's orange dot chart, has renewed speculation that Strategy could add to its Bitcoin holdings following two consecutive weekly acquisitions.
Points to watch include whether Bitcoin can sustain its momentum above US$86,500 and challenge the US$87,300 level reached in late September, the impact of continued ETF inflows on market direction, and any further regulatory signals from the SEC or IMF regarding cryptocurrency oversight and adoption.