Key takeaways:
- Bitcoin manages to surpass $60K as the market sentiment turns overwhelmingly bullish following the news of the SEC likely approving a first-ever BTC ETF
- Bitcoin has been through considerable ups and downs over the last 5 weeks
- BTC is now just 7% away from its previous ATH
Bitcoin has just surpassed the psychological $60,000 level for the first time since April. In the eleven-year-long history of Bitcoin, the world’s largest crypto has spent only 7 days, or 0.18% of its total existence, above this monumental level.
While Bitcoin has started rallying at the end of last month, increasing in value from $41,400 on Sep 29 to $57,530 on Oct 14, the final push came today, after the news of the SEC approving Bitcoin futures ETF started circulating and immediately sparked strong bullish market momentum.
The ability of Bitcoin to not only withstand the turbulent affairs of last month but to rally past $60,000 points to resiliency that few assets possess. To quickly recap, on Sep 7, Bitcoin dropped to $43,000 as a cascading effect of liquidations saw 90% of longs worth $3.54B liquidated in the span of a few hours. Losses were quickly recovered in the following days, however, the fake news of Litecoin partnering with Walmart on September 14 provided another shock to the market.
On Sep 20, the crypto market lost 9% and fell below $2 trillion as crypto got caught up in the selloff of Evergrande, a Chinese real estate behemoth. Once more, the market managed to bounce back and recover the majority of its losses very quickly, however, it wasn’t for long. Just four days later, China announced a blanket ban on crypto, which pushed crypto prices towards a multi-week low and saw BTC tumbling towards $41,000.
Fortunately, October started off on a bullish note. The total crypto market cap surpassed $2 trillion again and BTC rallied above $47,000. Since then, the bulls haven’t let up and today Bitcoin is exchanging hands at more than $60,000 per coin.
Some cryptocurrency market analysts, such as the prominent and vocal BTC maximalist Tone Vays for instance, are convinced we will see BTC continue to rally and reach the $100K mark by the end of 2021. Given the recent developments with Bitcoin ETF and an increased interest from institutional investors that is likely to follow, it certainly doesn’t seem out of the realm that we will see BTC surpass that monumental milestone.
Interestingly, BTC is the closest to its all-time high price out of all the top 100 largest digital assets. At the moment, the world’s first crypto is trading just 7.38% below its previous ATH of $64,816.
