The cryptocurrency market has been rallying since the start of the month and has reached a new all-time high in terms of market cap
The cryptocurrency market has been enjoying an excellent start to the fourth quarter of the year. Since the start of the month, the prices of most cryptocurrencies have surged by more than 15%. As a result of the rally, the total crypto market cap has topped the $2.7 trillion level for the first time in its 12-year history.
Bitcoin is the biggest winner so far this month, and yesterday, the leading cryptocurrency hit another milestone. Bitcoin reached a new all-time high of $67,276, according to the latest data from crypto tracking platform Coingecko.
This was the first time Bitcoin is reaching another all-time high since April when it topped the $64k mark. Since its all-time high in April, the leading cryptocurrency has been in a bearish situation. It underperformed for most of the second and third quarters of the year.
At some point, Bitcoin dropped below the $30k level, losing more than 50% of its value as a result of the dips. However, Bitcoin has managed to bounce back and soared towards a new all-time high. Its rally comes just a day after the first Bitcoin futures ETF in the United States went live.
The ProShares Bitcoin futures exchange-traded fund (ETF) was approved by the United States Securities and Exchange Commission (SEC) over the weekend. The ETF began trading on the New York Stock Exchange (NYSE) Arca on Tuesday and has been a massive success since then.
According to Bloomberg, the ProShares Bitcoin futures ETF topped $1 billion in trading volume in its first two days on the market. The report pointed out that most of the trading volume was from retail investors, which could point to further gains once institutional investors start accessing the ETF.
Some cryptocurrency experts and market participants are confident that Bitcoin’s rally would continue and it could reach the $100k level by the end of the year.
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Author: Hassan Maishera