The price of bitcoin continued to push toward higher prices, with the main crypto asset hitting a high of $ 61,749 per unit on Friday. The crypto asset came awfully close (around 5.3% away) from tapping the all-time price high reached six months ago on April 14.
Bitcoin Bull Market Unleash Continues
Bitcoin (BTC) has performed very well over the past two weeks as October has been a good month for the main crypto asset. On October 15, 2021, BTC tapped a high of $61,430 per unit. The crypto asset is very close to reaching its all-time high of $64,804 per unit captured six months ago.
BTC’s market valuation on Friday stands at $ 1.15 trillion and bitcoin is currently the eighth most valuable asset in the world. BTC market dominance has increased to 44.57% while ethereum (ETH) dominance stands at 17.6%.
Metrics show that of the $ 156 billion in global trade volume between all existing coins, BTC commands $ 46.5 billion of that trade. Tether (USDT) captures 55.9% of today’s BTC trades, followed by USD (16.28%), BUSD (5.44%), JPY (4.12%), EUR (3.77%), and KRW (2.72%).
Analysts speculate Spike is due to rumors that US Bitcoin ETF is approved
In a note sent to Bitcoin.com News, Etoro crypto asset analyst Simon Peters said the spike is likely due to expectations of a Bitcoin exchange-traded fund (ETF) approval. “After a week of building expectations and momentum, bitcoin has hit $60k again for the first time in almost six months,” Peters said.
“Today’s spike appears to have been triggered by growing investor confidence that U.S. regulators will approve the launch of an ETF based on bitcoin futures – but an increase exceeding $ 60,000 has since appeared likely. some time now after weeks of positive net inflows into bitcoin from institutional investors, an increasing migration of bitcoin from short-term to long-term holders, and the resulting compression of the bitcoin supply, ” added crypto asset analyst Etoro.
Mikkel Morch, the executive director and risk management at crypto/digital assets hedge fund ARK36, says the price increase is clearly due to the rumors that the U.S. Securities and Exchange Commission (SEC) is planning to approve a bitcoin ETF. “It is clear that the recent surge in the price of BTC is directly linked to the rumor that the SEC will go ahead with the first approval of Bitcoin ETF in the United States,” Morch said on Friday.
“It is becoming increasingly likely that at least one of the major contenders for a BTC futures ETF, such as Valkyrie or Vaneck, could be approved in the coming days and ahead of SEC’s hard November deadlines,” Morch continued. “As Valkyrie Investments updated its futures ETF prospectus with ticker BTF on Wednesday, the company is believed to have the greatest chance of winning this race,” added the ARK36 executive.
