Why is Bitcoin dragging other cryptocurrencies higher?

The price of bitcoin has peaked to over $35,000 in the past 24 hours — upwards of a 13% rally on the expectation that bitcoin ETFs would be approved in the US.

At the time of publication, the price of the asset is sitting at roughly $33,000. Bitcoin is not alone in seeing its value rally, however, with the broader cryptocurrency market also benefiting from the price action. 

Between Oct. 16 and Oct. 24, Bitcoin’s market capitalization increased from $500 billion to $650 billion, Luke Nolan, a research associate for CoinShares, told Blockworks. In this same time frame, the crypto industry has seen its aggregate market cap increase by $180 billion, from $1.039 trillion to $1.219…

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