Bitcoin is approaching its all-time high of over $65,000, which it reached in April of this year.
The price of bitcoin soared past $62,000 today after Bloomberg reported that the first US Bitcoin Futures exchange-traded fund (ETF) could launch as early as Monday. The world’s most valuable cryptocurrency is approaching its all-time high of over $65,000, which it reached in April. On Friday, it surpassed the $60,000 barrier for the first time in six months.
“Bitcoin has been on a massive bull run for almost a week now. BTC climbed close to $63K ahead of Monday’s launch of the Bitcoin Futures ETF, which has sparked speculation.
BTC has broken out of its channel pattern, and we should expect the upward trend to continue throughout the week. “The next barrier level is projected to be $63.3K,” stated WazirX COO Siddharth Menon. ProShares, a financial services firm, said it aims to launch a Bitcoin futures exchange-traded fund as soon as Monday, ending an eight-year wait for an asset that tracks the cryptocurrency on the New York Stock Exchange. Bloomberg News reported last week that the SEC is unlikely to prevent the products from trading.
Ether, the second-largest cryptocurrency and the unit linked to the Ethereum blockchain, soared to $3,885. The values of Cardano and Dogecoin both increased somewhat. Other digital tokens, such as Solana, Shiba Inu, and Binance Coin, have risen in value during the last 24 hours.
“In comparison to Bitcoin, Ethereum has yet to witness a significant run. On the daily chart, the ETH/BTC trend is still in a declining channel pattern. The $0.072 level is projected to be immediate resistance, and if broken, we could witness a significant rise in ETH.
If Bitcoin continues to dominate, other altcoins may witness a new positive run,” Menon added. Bitcoin’s price has risen sharply in recent weeks, spurred by anticipation that a US launch is on the way. The value of the cryptocurrency has more than doubled from its low in late July.
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