Bitcoin made history on Tuesday by touching a new all-time high. Continuing the rally in the cryptocurrency sector, the world’s largest cryptocurrency, jumped past $67,500 in the last 24 hours. Bitcoin price climbed 3.37 per cent in the last 24 hours to $67,520.02 at 0735 hours, according to CoinMarketCap. Bitcoin recorded last all-time high on October 20 at just below $67,000. The jump in cryptocurrencies has increased the market capitalisation above $3 trillion.
Bitcoin price rose sharply after the much anticipated debut of the first Bitcoin ETF on the New York Stock Exchange in October. The fund was the quickest ETF to reach $1 billion in assets, according to Bloomberg data. The new exchange traded fund offered by ProShares, markerd the long-awaited milestone for crypto investors and fuelled the Bitcoin rally.
Bitcoin, a little more than a decade-old digital coin has gained over 130 per cent this year. The crypto coin was hovering around $11,500 a year ago. The value of bitcoin quadrupled from its 2020 year-end value.
“Bitcoin is up 8 per cent over the past week, and is witnessing strong inflows and volumes at current levels which is a strong fundamental sign. November appears to have done a good job picking up the bull run-torch from October. Bitcoin corrected almost by 14 per cent making the low of $57,653. If it breaks and closes above the all-time high then we can expect the prices to further rally up to $75,000-mark. The majority of the market participants continue to remain bullish on Bitcoin, and the next few days remain crucial,” said ZebPay Trade Desk.
But Bitcoin still remained a highly volatile and speculative investment, according to analysts. Bitcoin hit record high in April this year and then plunged to around $30,000 in just two months. Given the history of volatility and market correction, the new high of Bitcoin hardly guarantee a long-term reversal. Those who have been investing in the crypto market, are not new to this price swings and they have to continue dealing with it.
Ether, the most prominent cryptocurrency after Bitcoin, hit record high in the last 24 hours. The second largest cryptocurrency rose 1.82 per cent day-to-day to touch $4,792.97, according to CoinMarketCap.”Ethereum crossed the $4,700-mark for the first time in history making an all-time high in the process. We expect immediate support at $4,340 level and the next resistance at $4,900 mark,” said WazirX trade desk. Digital asset marketplace Bakkt recently announced that users and partners will soon be able to buy, sell and hold Ethereum, strengthening belief of increasing crypto adoption.
Binance Coin increased 1.15 per cent to $649.27 to Solana climbed 2.65 per cent in the last 24 hours to hit $247.92. With Bitcoin and Ether as major contributors, the total crypto market capitalisation has reached an all-time high of $3-trillion. We are set to witness a major bull run in the overall crypto market, the analyst said.
“The biggest initiator of the rally was when the largest altcoin, Ether, reached a new all-time high. Just recently one of the largest investment banks in the world, JP Morgan, had predicted that ETH would reach a much higher market cap by the end of the year. Most of the other top altcoins simply replicated the momentum in Ether,” said Edul Patel, chief executive officer and co-founder, Mudrex — a global crypto trading platform.