Bitcoin ($BTC) Makes Historical Weekly Close as Crypto Market Cap Breaches $2.5 Trillion
Bitcoin ($BTC) bounced back from the weekend price corrections below $60K to make the highest weekly close in its history. $BTC price made the weekly close above $62K, marking the highest close in the decade-long existence, which is a highly bullish sign. The top cryptocurrency is currently trading at $62,331 with a 3% gain over the past 24-hours.
The top cryptocurrency is also just another rally away from reaching all-time-high (ATH) as it is currently just 4% down from the ATH of $64,683. As $BTC bounced from a weekly price fluctuation, the crypto market cap also breached the $2.5 trillion mark for the first time in 5-months. The supply of Bitcoin on centralized exchanges is at an all-time low indicating no signs of another market sell-off in the near future.
What’s Driving the Bitcoin Bulls?
Apart from the fact that the final quarter of the year has proven bullish for Bitcoin, the major force behind the current rally is being attributed to the recent approval of the first-ever Bitcoin Futures ETF by the SEC in the form of ProShares BTC ETF. While Bitcoin proponents believe a Futures ETF would give regulators more control over the market and even make it expensive, the overall sentiment towards the decision is highly bullish given the historic value of the approval.
I can't wait for JPMorgan to manipulate the BTC market the way they manipulated the silver market.That's why the SEC prefers a futures ETF that costs 5-10% annually vs. a spot ETF that would cost 1-2%.The SEC is simply part of the cartel at this point. pic.twitter.com/vc0VVKHUyE— Ryan Selkis (@twobitidiot) October 15, 2021
Santiment data shows that Bitcoin Futures ETF is one of the fastest-growing trends on social media indicating a bullish market sentiment.
The top cryptocurrency can reach a new ATH by the end of the day or within this week. Looking at the debate around the Bitcoin Futures ETF, market analysts believe people would be better off buying spot BTC than ETF investment at the time.
This chart shows why you’re better off buying #Bitcoin than Bitcoin Future ETF. For investors, new Bitcoin ETFs might be more costly than purchasing cryptocurrency directly. Bitcoin Future has underperformed by 30ppts since start of Bitcoin Future in 2017. https://t.co/1ZnVBJQlGa pic.twitter.com/oXrZ95Wsmg— Holger Zschaepitz (@Schuldensuehner) October 17, 2021