Market capitalization reached a $1.21 trillion peak but Bitcoin price still hasn’t surpassed April ATH

Cryptocurrency market capitalization has marked a new all-time high as BTC soared to a new all-time high of $1,211,242,526,571. Bitcoin is less than 1% away from its value; at writing, Bitcoin price is changing hands at $63,962.

market-capitalization-reached-a-1-21-trillion-peak-but-bitcoin-price-still-hasnt-surpassed-april-ath

BTC/USD 4-hour chart | Source: TradingView

Market cap hits new ATH as Bitcoin price remains less than 1% off its April ATH at $64,850

Just hours after launching the first Bitcoin Futures ETF in the US, the cryptocurrency is less than $500 away from reaching a new all-time high. While BTC has yet to do so, the crypto market capitalization of all digital assets has hit a new record of nearly $2,550 trillion.

The entire crypto community has been focused on launching a Bitcoin Futures ETF in the United States over the past few days as numerous reports from last week claimed that the SEC would finally allow such a product to work. And, yesterday, October 19, ProShares BTC Futures ETF made its way to Wall Street with a record first 24-hour trading volume of $1 billion, as AZCoin News reported.

BTC continued upwards to an intraday high of $64,500. Thus, it came less than 1% away from its all-time high registered in April at roughly $64,850. Despite having dropped to the $63,000 region, BTC’s market cap remains at $1.206 billion. Domination for altcoins is at a two-month high near 48%.

While BTC closed with its price record, most of the larger-cap altcoins stood behind and followed suit. Ethereum is slightly up on the day and has risen above $3,850.

More small gains came from XRP, Polkadot (DOT), and Avalanche (AVAX). Terra (LUNA) was the only significant gainer, with a 6% increase to $38. Finally, the cumulative market capitalization of all cryptocurrencies hit a new record just under $2,550 trillion hours ago.

While speaking at a conference hosted by the Stanford Federalist Society, billionaire Peter Thiel asserted that $60,000 in Bitcoin’s return is a highly hopeful sign. And obviously, we can fully expect BTC to increase stronger soon and reach the expected $100,000 milestone.

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