Bitcoin hits 2-week high as Bakkt trading volume jumps

Bitcoin rose in spot trading today, to maintain its gains for the second consecutive day, after hitting a 2-week peek yesterday, thanks to demand levels surging, which is reflected in the huge jump of the Bitcoin futures trading volume on the Bakkt platform.

At Bitstamp, Bitcoin rose by 0.9% or $80 to $8,666, from the opening of $8,586, with an intraday nadir of $8,529.  

Bitcoin rose by 4.5% yesterday, its second daily gain in the last 3 days and the biggest since September 2nd as it hit a 2-week high of $8,707.

The total market cap of cryptocurrencies rose by $1 billion today, to $232 billion, as Bitcoin continued to rise.

While the market cap fell to $213 billion yesterday (the lowest level in a week), to recover around $19 billion in less than 48 hours, and still likely to recover more.

Yesterday, Bitcoin posted its best daily performance in 6 weeks, and hit 2-week high, thanks to demand levels surging, which is reflected in the huge jump of the Bitcoin futures trading volume on the Bakkt platform.

Bakkt’s BTC traded contracts reached 224 on Wednesday, the highest level since the launch of the platform, after it posted the previous day an all-time low of 25 BTC traded, to hit a 796% increase in Bitcoin trading volume.

Otherwise, the US Securities and Exchange Commission (SEC) is set to announce its decision on the approval of the launch Bitcoin ETFs offered by Bitwise before October 13th.

Bitwise Research Director Matt Hogan said the approval of the launch of Bitcoin-ETFs will increase interest in the digital asset market, and stressed that he expects the SEC to approve the launch of Bitwise.