Bitcoin price surged to a six-month high, climbing nearly $64,000, not yet altcoin time?

Bitcoin price surged to a six-month high at nearly $64,000 when the ProShares Bitcoin Strategy ETF (BITO), the first bitcoin-related exchange-traded fund to be traded in the U.S., launched on Tuesday, as AZCoin News reported. At the time of writing, BTC is changing hands at $63,843, up more than 3% in the last 24 hours and only about 2% – 3% left until BTC can break the old peak.


BTC/USD 4-hour chart | Source: TradingView

Bitcoin price hits 6-month high as first Bitcoin Futures ETF BITO starts trading

Reportedly, BITO ended the trading day up 4.65% at nearly $41.8. Shortly after the U.S. stock market closed, the ETF’s trading volume hit 23.9 million shares, worth more than $1 billion at closing prices, ranks the investment vehicle as one of the top ETF launches in history.

BITO is structured to invest in bitcoin futures contracts traded on the Chicago Mercantile Exchange (CME) rather than investing in cryptocurrencies directly, which is one reason why some analysts are skeptical. Waiting for funds has a significant impact on the spot price of BTC. But it looks like we’ve gone too far.

BTC has been well-priced in the spot market, up around 3% in the past 24 hours. Buyers remained active after quickly absorbing a large sell order on crypto exchange OKEx during Asian daylight hours. And the price action suggests that Bitcoin may be heading for another bull run.

BTC recorded its highest weekly close on record last week, topping with a weekly close of $61,500 on April 6. Last week was one of the most decisive uptrends since January 2021.

“Bitcoin has risen to $63.2k now and is within 2.2% of its $64.6k all-time high. Address activity, circulation, whale/exchange activity, and sentiment are all playing major factors in history potentially being made for BTC”, Santiment stated.


Source: Santiment 

However, the altcoin market has not seen any positive developments as ETH is still stuck in the $3,800 zone. If the second largest coin in the market breaks out and surpasses $4,000, perhaps now the money will flow to altcoins.

The good news is that Novi, Facebook’s digital wallet subsidiary, will go live and allow users to trade the Paxos dollar (USDP) in a pilot program in the U.S. and Guatemala, as AZCoin News reported. Crypto exchange Coinbase will provide custody services for the program.

“Facebook’s Diem (formerly libra) stablecoin is expected to launch with Novi once it receives regulatory approval and goes live,” according to a Facebook press release.

Most altcoins ended the day higher but have yet to show significant gains. The overall cryptocurrency market cap stands at $2.526 trillion, and Bitcoin’s Dominance is 47.7%.

Read more:

Follow us on Telegram

Follow us on Twitter

Follow us on Facebook

You might also like