Bitcoin is closing in on its all-time high after a nearly 50 percent price jump since the beginning of October.
The cryptocurrency climbed above $62,000 on Monday morning, down from a record high of less than $2,000 in April.
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Following this all-time high, bitcoin suffered a major price crash that saw it fall below $30,000 in July.
A spate of positive news, including El Salvador adopting it as a legal form of currency in September, has since seen the price of bitcoin more than double.
The latest price rally follows the announcement of the first bitcoin futures exchange-traded fund (ETF), which will launch on the New York Stock Exchange this week.
Industry figures mark the launch of the bitcoin ETF as a major milestone for the crypto space that will attract new investors and encourage interest in its underlying technology.
“This is not only a turning point for institutional investors, but it is also a clear sign of bitcoin’s maturity,” said Paolo Ardoino, chief technology officer at crypto exchange Bitfinex. Granthshala.
“Bitcoin ETFs could be a significant stimulator for the future of digital tokens, bringing in more investors as well as motivating them to share knowledge within the space. Institutional investors are already driving volumes on exchanges and Many people adopt it now hoping that exposure to bitcoin will be so readily available.
Bitcoin’s price gains have been mirrored by other major cryptocurrencies including Ethereum (Ether), Binance Coin and Polkadot (DOT), which have risen between 5-20 percent over the past week.
The overall market value is now over $2.5 trillion, which means it is now worth more than the world’s most valuable companies.
This week’s Bitcoin Futures ETF is expected to be followed by three more BTC ETFs this month, with some other cryptocurrencies also expected to eventually follow. Each could potentially boost the price of bitcoin.
Some analysts believe that bitcoin will continue to climb in price throughout November, before peaking before the end of 2021. One price forecasting model places this peak at $135,000, while others believe it could reach $250,000 in December if previous market patterns are followed.
“A lot of good news has already arrived, although a fresh attempt to break bitcoin’s all-time high of $2,000 away is very likely in the short term,” said Nicolas Kavle, an analyst at forex firm DailyFX. said Granthshala.
“When these futures-based ETFs are given the green light, markets will soon turn their attention to both the Ethereum ETF and more importantly the cash-based Bitcoin ETF. I have the potential to hit new bitcoin highs again.”
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Credit: www.independent.co.uk /
