Bitcoin price has sprung beyond $60,000 for the first time since April, indicating a broad market price swell. On Friday, the first market mover of Cryptocurrency opened the market at $57,345.90 but went on to trade as high as $62,757.13.
However, it closed the day at $61,593.95, but at the time of filing this report at noon GMT on Saturday, the pioneer digital asset was selling at $61,456.13, recording a 24-hour growth rate of 3.36 percentage points, which is a strong indication of $62000 resistance.
According to CoinMarketCap statistics, this movement brought the weekly growth velocity to 11.80 percent compared to 6.81 percent last week. In the same period, trading volumes hovered at $51 billion and $34 billion, respectively.
At the beginning of the week on Monday, Satoshi’s brainchild opened the market with the price of $54,734.12, closing at $57,484.79. The lowest rate was $54,519.77, while the highest stood at $57,793.04.
The momentum continued until it slumped a bit during the middle of the week, where it went sideways. Wednesday market figures indicated a slowdown of an opening of $56,038.26 and a closing of $57401.10.
The lowest trading price recorded on the day was $54,370.97. Interestingly, it managed the highest price of $57,688.66 along the line.
With Bitcoin circulating supplying at 18,845,375, its scarcity continues to grow daily. Considering how volumes on exchanges keep dwindling on and off, it won’t be a surprise if this bull circle stretches for a while.
Some speculators have projected a new all-time high by the end of the year. The current ATH of $64000, recorded six months ago, saw the price tumbling down to $30000.
#Bitcoin passing $62,000— Danny Scott ⚡ (@CoinCornerDanny) October 15, 2021
Only 3 days in history has Bitcoin been higher
New ATH territory
This new trend has brought Bitcoin’s total Market Capitalization to $1.1 trillion. Meanwhile, its dominance in the entire Crypto market is now at 46.30 percent, while it has ballooned 44 percent in October.
Consequently, the market cap of the entire industry is floating around $2.51 trillion. It is an increment of over $20 billion since it was about $2.3 trillion last week.
In the meantime, the second most valuable Cryptocurrency, ETH, maintains a market dominance of 18.51 percent. The maiden and most adopted Smart Contract platform has also gained from the Bitcoin price rally in recent times.
Other altcoins have also seen significant price gains within the week, especially XRP and BNB Coin, upsurging between five and 10 percent. The Bitcoin gains are likely driving them to these new gains.
Many analysts have attributed the ongoing bull run to the upcoming Bitcoin ETF in the US. According to CNBC, the Bitcoin futures ETF filed by ProShares will commence trading next week.
The move would present a new route for investors to attain exposure to the emerging asset per traders’ and analysts’ views. Though the US Securities and Exchange Commission is yet to officially endorse the Bitcoin futures ETF, many are optimistic it would pass this time around.
There are other opinions that the agency may not deliver a formal confirmation of consent for it. However, ProShares’ statement suggests that the agency is not likely to obstruct the listing at this time.
Will Bitcoin Price Hit A New ATH?
There are talks of a new all-time high price for Bitcoin all over the crypto community, especially on Crypto Twitter. While such a market move would augur well for the Cryptosphere, a Bitcoin ETF doesn’t define become and its fundamentals in any way.
To say an ATH is on the way coming will not be prudent since no one knows what will ever happen in this space. Nonetheless, the Cryptocurrency space is growing, and the price wave isn’t what makes it thick, but the tools and communities built around it all over the globe.