Since the beginning of October, the cryptocurrency has increased by more than 50%, surpassing the market capitalization of major heavyweights such as Facebook and Tesla.
BTC continues to rise after surpassing the $64,800 mark set in April and was trading over $66,000 on Thursday morning. It’s a stunning comeback for bitcoin, which had plummeted to below $30,000 in early July.
Other popular cryptocurrencies, such as Ethereum (ether) & Solana (SOL), have followed bitcoin’s rise, with both up and over 10% in the past 24 hours. As a result of the price rises, the total crypto market cap surpassed $2.6 trillion, surpassing its previous record.
Several renowned crypto experts think bitcoin is on the second big leg of the bull run which will take it over $100,000 by the end of 2021, while others have cautioned that another catastrophic collapse is possible.
According to CoinDesk data, the world’s most popular digital currency hit $66,974.77 at 10:45 a.m. EDT.
According to further CoinDesk statistics, the cryptocurrency’s price has over quadrupled in 2021, beginning the year around $29,000.
Bitcoin in particular, has gained 131% since then. The cryptocurrency’s all-time high up until today was $64,888.99, which it reached in April.
The ProShares Bitcoin Strategic planning ETF began trading on Tuesday, a move that market players believe will boost investment into digital currency.
On Tuesday, the ETF ended 2.59% higher at $41.94 than its starting price of $40.88, and it continued to rise on Wednesday, closing 3.76% higher at $43.52.
After its prospectus was modified in a filing with the Securities & Exchange Commission, Valkyrie Bitcoin Strategy, which was set to launch on the Nasdaq on Wednesday, seemed to be delayed. The Nasdaq anticipates the ETF to debut on Thursday, according to a source familiar with the situation, although this has yet to be verified.
Smaller investors & high-frequency trading companies seemed to dominate trading, according to experts, who noted that the lack of big-block transactions suggested that organizations were likely sitting on the sidelines.
The introduction of the new product was “important” for bitcoin, according to managing partner James Quinn, of Hong Kong-based, crypto private wealth manager, Q9 Capital.
Any licensed brokerage company of the United States which wishes to take on all this ETF may do so as simply like any other ETF, according to Quinn, which “should bring it accessible to a lot more people.”
Even though the ETF is based upon bitcoin futures, Quinn believes that the ETF’s trades and hedges will cause activity to flow into the spot price and the bitcoin price.
Crypto ETFs have been established in Canada & Europe this year, owing to a surge in investment in digital assets. VanEck is one of the fund managers seeking US-listed ETFs, but Invesco abandoned its ambitions for an outcomes ETF on Monday.
Ether, the world’s second-largest cryptocurrency, was trading at $4,018.75, up 3.63% on the day after reaching a high over $4,080, close to its historic level of $4,380 set on May 12.
The issue now is whether bitcoin can sustain the incredible price increases it has experienced over the past several weeks.
We spoke with several thought crypto specialists (Anthony Cuthbertson) to get their take on where the market is headed next, with some predicting that the current all-time high may be surpassed before the year’s conclusion. There were even comparisons made to the first gold ETF in 2004, whenever the precious metal’s market value was approximately the same as bitcoin’s now. Since then, it has increased 11-fold.