The Bitcoin price hit a fresh all-time high for the first time in more than six months Wednesday morning as investors rallied around the blockbuster debut of the first-ever Bitcoin Futures ETF. The leading cryptocurrency jumped more than 7% to $66,998 on Wednesday morning shortly before 10 a.m. EDT, surpassing a record high of about $64,800 set on April 14. At the time of writing, BTC is changing hands at $66,606.
BTC/USD 4-hour chart | Source: TradingView
Bitcoin price sets new all-time high just one day after it went public
With the latest boost, Bitcoin price has now skyrocketed nearly 20% over the past week amid fervor for the debut of the ProShares Bitcoin Strategy ETF, which posted roughly $1 billion in volume and rose 4.7% during its first day of trading on Tuesday, as AZCoin News reported.
Regarding yesterday’s launch of ProShares’s Bitcoin-linked ETF, Michael J. Saylor, Co-Founder, Chairman, and CEO of Nasdaq-listed business intelligence company MicroStrategy, wrote on Twitter as below:
#Bitcoin went public today. Satoshi would be proud. https://t.co/Tb96zAbiS6
— Michael Saylor⚡️ (@saylor) October 19, 2021
Now that Bitcoin has established a new all-time high, it looks like Ethereum wants to catch up, too. ETH has returned above $4,000 for the first time in almost two months.
Since the beginning of the month, the second-largest cryptocurrency by market capitalization has been bullish, reaching over 1,000 points in market value. Now that ETH seems to have decisively broken the $4,000 resistance, it appears to face little resistance to get a new all-time high.
ETH/USD 4-hour chart | Source: TradingView
Many forecasts suggest that ETH is currently tied to a 134% rally that could break above $9,000. It is worth noting that Ethereum must hold above $4,000 for the bullish outlook to prevail. Any sign of weakness at current prices could encourage investors to sell to avoid significant losses. Based on trading history, downward pressure could push ETH towards $3,400 or even $3,200 before the uptrend resumes.
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