After a little over six months, Bitcoin has reached a new peak. The world’s largest cryptocurrency has managed to break the previous ATH set on April 14, and climbed above the $65K mark for the first time in its history.
Slow but steady wins the race
When Bitcoin reached its previous ATH of $64,816 back in April, the price of BTC surged from $59,000 to a new high in the span of fewer than 48 hours. This time around, the climb to a new peak valuation was a little tamer. BTC managed to break the elusive $60K level on October 15 and has since been slowly climbing towards a new high.
The key catalyst for Bitcoin reaching a new ATH were the rumors of the first BTC futures exchange-traded fund (ETF) being traded in the United States, which pushed the price above $60K for the first time in six months. After almost a decade-long wait, the market welcomed the news with much enthusiasm. The rumors quickly turned out to be true as on October 19, the first-ever US BTC ETF debuted on New York Stock Exchange (NYSE).
Thanks to BTC’s immense rally, the total cryptocurrency market capitalization has increased to a new high of $2.59 trillion. It is interesting to observe how the market has changed in half a year since the last time Bitcoin hit $60K. Click here, to check our examination of the two distinct market periods.
Bitcoin is now up 40% in the last month and 134% since the beginning of the year. It might have seemed like an outlandish take, but Tone Vays’ prediction of Bitcoin reaching $100K by year’s end doesn’t seem as far-fetched anymore.
