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Ether Crosses $1.6K, Bitcoin SV Leads Altcoin Gains With 30% Bump
Overall market capitalization rose 5% in the past 24 hours.
Oct 20, 2023, 11:14 a.m.
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Major cryptocurrencies spiked as much as 13% as a bump in bitcoin led to an overall rise in crypto markets, buoyed by hopes of a spot bitcoin exchange-traded fund (ETF) approval.
All major tokens reversed losses from the past week, bitcoin jumped above $30,000, and ether crossed the $1,600 mark on Friday. XRP gained 7.2% after a key court decision favoring payments firm Ripple helped improve sentiment. Meanwhile, Solana’s SOL rose 12%, extending its weekly gains to over 25%.
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, a bitcoin fork token, rose 32% as crypto exchange Binance listed perpetual futures of BSV at a 50 times leverage, which may have attracted trader interest.
Several ETF providers amended their filings over multiple days in the past week alongside pressure on the U.S. Securities and Exchange Commission (SEC) to soften its stance on a bitcoin ETF approval.
“Betting on a sustained decline on BTC here is like going against gravity,” said Jack Tan, founder of crypto exchange WOO Network, in a note to CoinDesk. “For sure the ETF anticipation will provide a strong demand, but also if people start viewing BTC as a rush to safety trade, this will usher in a new paradigm.”
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KuCoin captured a record share of centralised exchange volume in 2025, with more than $1.25tn traded as its volumes grew faster than the wider crypto market.
What to know:
- KuCoin recorded over $1.25 trillion in total trading volume in 2025, equivalent to an average of roughly $114 billion per month, marking its strongest year on record.
- This performance translated into an all-time high share of centralised exchange volume, as KuCoin’s activity expanded faster than aggregate CEX volumes, which slowed during periods of lower market volatility.
- Spot and derivatives volumes were evenly split, each exceeding $500 billion for the year, signalling broad-based usage rather than reliance on a single product line.
- Altcoins accounted for the majority of trading activity, reinforcing KuCoin’s role as a primary liquidity venue beyond BTC and ETH at a time when majors saw more muted turnover.
- Even as overall crypto volumes softened mid-year, KuCoin maintained elevated baseline activity, indicating structurally higher user engagement rather than short-lived volume spikes.
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Here’s why bitcoin’s is failing its role as a 'safe haven' versus gold
Bitcoin behaves more like an "ATM" during uncertain times, with investors quickly selling it to raise cash.
What to know:
- During recent geopolitical tensions, Bitcoin lost 6.6% of its value, while gold rose 8.6%, demonstrating bitcoin's vulnerability in times of market stress.
- Bitcoin behaves more like an "ATM" during uncertain times, with investors quickly selling it to raise cash, contrary to its reputation as a stable digital asset.
- Gold remains the preferred hedge for short-term risks, while bitcoin is better suited for long-term monetary and geopolitical uncertainties that unfold over years.
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