Bitcoin Prices Hit Fresh, All-Time High Above $66,000

Bitcoin Prices Hit Fresh, All-Time High Above $66,000

Bitcoin prices rose to a brand new record today, breaking through the previous all-time high set earlier this year.

The world’s most prominent digital currency reached $66,974.77 around 10:45 a.m. EDT, CoinDesk figures show.

At this point, the cryptocurrency’s price has more than doubled in 2021, starting the year out below $29,000, additional CoinDesk data reveals.

More specifically, bitcoin has rallied 131% since that time.

Up until today, the cryptocurrency’s all-time high was $64,888.99, a price the digital asset attained in April.

[Ed note: Investing in cryptocoins or tokens is highly speculative and the market is largely unregulated. Anyone considering it should be prepared to lose their entire investment.]

As for what has fueled these latest gains in bitcoin, there are certainly some notable developments that have coincided with this rally.

For starters, the first U.S. bitcoin exchange-traded fund (ETF) started trading yesterday on The New York Stock Exchange, and its launch managed to generate significant visibility.

The ProShares Bitcoin Strategy ETF, which is now trading under the ticker BITO, is linked to futures contracts for the digital currency.

As a result, some market observers have voiced their concerns about this particular fund, since it isn’t a spot ETF.

However, others have interpreted its listing as a sign of progress, speculating that The U.S. Securities and Exchange Commission’s decision to approve the ProShares fund means the regulator is coming closer to providing a spot bitcoin ETF with a green light.

Nick Mancini, research analyst at crypto sentiment data provider Trade The Chain, weighed in on these developments.

“Bitcoin’s recent leap past all time highs was driven primarily due to bullish sentiment brought on by the launch of the first ever BTC futures ETF,” he stated.

“This, along with some positive language from regulators in early October, exacerbated Bitcoin’s climb past $65,000.”

Kay Khemani, managing director at Spectre.ai, also chimed in.

“This all-time high does not come as a surprise: it was written on the cards well back since Bitcoin’s bulls held the $30,000 Maginot line which had inspired a false sense of security,” he stated.

“The fundamental catalyst that has enabled Bitcoin to hit an all-time record price has no doubt been the recently approved ProShares Bitcoin Futures ETF, which will likely lead to more adoption of the currency triggering a powerful feedback loop that looks certain to ignite the flame for a continued bull run.”

Exchange Reserves

While several analysts spoke to the importance of the recently approved ProShares ETF, another development that coincided bitcoin’s recent gains has been highly favorable fundamentals.

Cointelegraph reported on this earlier today, noting that demand for bitcoin has been pushing higher, as made evident by the number of wallets holding $100 and $10 million in bitcoin both reaching all-time highs.

Further, the bitcoin reserves on exchanges declined lately, falling to 2.379 million, a more-than three-year low, according to CryptoQuant data reported on in the same Cointelegraph article. When the media outlet published an article on this matter earlier today, the figure had increased slightly, rising to 2.38 million.

Since these reserves have deteriorated recently, it pointed to a reduced amount of bitcoin available for sale, as well as for purposes like engaging in margin trading or buying altcoins (digital currencies other than bitcoin, noted CryptoQuant.

Disclosure: I own some bitcoin, bitcoin cash, litecoin, ether, EOS and sol.

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