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Highlights
- Bitcoin surged to an all-time high of US$68,530.34 on Tuesday.
- The cryptocurrency continues to maintain its No. 1 position among some 13000 cryptos in the market.
- The recent launch of the ProShares Bitcoin ETF and a likely debut of VanEck’s spot ETF in November might have triggered a trading frenzy in the crypto market this week.
Bitcoin soared to an all-time high of US$68,530.34 on Tuesday, cementing the cryptocurrency’s No 1 position by market capitalization despite volatilities.
Despite the limited supply of coins, Bitcoin continues to dominate other cryptocurrencies in the arena with its mega-market worth, according to coinmarketcap.com. And as the crypto craze catches on in the world capitals, the investors are going increasingly bullish on digital coins.
The recent launch of the ProShares Bitcoin Strategy ETF has added to the madness, sparking tremendous interests in cryptocurrency in recent days. The ETF was up around 11% on Monday.
Also Read: Will Ethereum, Solana, Polkadot rally continue after all-time highs?
Bitcoin Price
Bitcoin (BTC) traded at US$66,784.69, up 1.34%, in the last 24 hours at 3:10 pm ET on Tuesday. Bitcoin’s circulating supply is 18,868,506.00 BTC, and the total supply is 21,000,000. Its current market capitalization is about US$1.25 trillion.
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Source – Pixabay
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Bitcoin Craze
After ProShares Bitcoin ETF, the expected launch of VanEck’s spot Bitcoin ETF this month has doubled the excitement in the market, which briefly surpassed the US$3 trillion mark on Monday. However, VanEck’s Bitcoin ETF is still awaiting approval from the US Security and Exchange Commission (SEC), the top market watchdog.
According to market observers, institutional investors are showing more interest in VanEck’s spot ETF. But it can only see the daylight after approval from SEC chair Gary Gensler.
Experts say the growing investor interest might be due to the belief that the spot market could offer better rates to traders that would be useful to hedge against a sharp spike in inflation.
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The BTC-spot proposal might be the trigger for the latest surge in crypto prices. Experts believe crypto prices will continue to rise this week. Besides, high inflation will continue to push investors to look for greener pastures or high-growth assets to park their funds.
According to coingecko.com, Bitcoin rose 337% in one year and nearly 22.4% YTD.
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Bottomline
Despite their growing popularity and significant value addition, cryptos assets are highly volatile. Hence, investors must apply caution while choosing cryptos for investment.
