Bitcoin hit a new all-time high of $68,513 on Tuesday at the start of the Asian trading session, continuing to rise, after the value of all cryptocurrencies together exceeded the astonishing amount of $3,000 billion on Monday. To add to this, ETH has seen a growth of almost 70% against the dollar since the beginning of October, reports AFP.
Bitcoin has seen a growth of 3.2%, to reach the price of $68,513, and in the meantime, Ethereum, the second most popular cryptocurrency on the market, rose 1.6% to a record level of $4,814.
At the time of writing this article, Bitcoin is steadily trading around the $66630 mark. We are most likely going to see the world’s first and most famous cryptocurrency trade around the $66-68k for a good while, testing various resistance levels and, hopefully, even reaching the $70k level.
“The two cryptocurrencies have more than doubled since June and have gained nearly 70% against the dollar since the beginning of October,”
declared Christian Parisot, an expert analyst with the Aurel BGC broker.
“Momentum has picked up since the launch last month of a US futures-based bitcoin exchange-traded fund, which has raised expectations of flow-induced gains,”
Parisot went on to add.
The US market has had access, since the end of October, to an indexed product (ETF) which is backed by bitcoin – and this has ever since allowed traditional Wall Street investors to bet on the growth of BTC. This is something that we’ve never seen before – actual Wall Street traders placing bets on Bitcoin. There were plenty of investors who were afraid of getting into the crypto scene, mainly because there was lots of FUD around it, but this ETF now allows them to invest in Bitcoin safely, thus attracting even more people to join the crypto world. This was, perhaps, one of the main factors that contributed to the bull market we are now going through.
Unlike the EUR or USD, the number of bitcoin has been set at 21 million, issued gradually, a rule impossible to change in the absence of control of the entire decentralized network.
Some investors believe that cryptocurrencies are thus a means of protecting themselves from rising inflation in Europe and North America. Slowly but surely, cryptocurrency acceptance is getting more and more popular, which is, of course, great news for everyone involved in the crypto markets.
The cryptocurrency market was $3.081 billion on Tuesday, according to CoinGecko, a platform that is targeting a market of more than 10,000 cryptocurrencies.
“This bitcoin crossing could signal the start of a final high for the fourth quarter ahead of more pronounced market consolidation next year,” Fundstrat said in a technical strategy report that was released on Monday. Fundstrat Global Advisors is an independent company that provides various financial services to its clients, does lots of research, and helps people understand and expand their portfolio with unique strategies.
“The strength of Bitcoin, Ethereum, and many other altcoins is to be expected in the coming weeks,” the strategic report also noted.