This week we saw Bitcoin price reach a new all-time high of $67K. This came against the background of the approval of investment funds
This week we saw Bitcoin price reach a new all-time high of $67K. This came on the back of the approval of Bitcoin ETFs for the first time.
To say that last week has been interesting, as the leading cryptocurrency managed to chart a new all-time high at around $67,000, we saw the approval of the first-ever Bitcoin ETF in the US, the massive crash of BinanceUS, and a correction of nearly 60,000 dollar.
At the end of last week trading Bitcoin price Around $62,000 until it briefly fell below $60,000 last Monday, however, the market has since rallied, and this culminated in a new all-time high around $67,000 on Wednesday (October 20). So big for the crypto community, that it took the coin about 6 months to draw a new peak.
But the currency quickly returned to the correction as it lost more than 3% of its value on Friday after reaching an all-time high of around $67,000 and is currently trading above the $60,000 level.
On October 20, trading volume increased by 31% which is exceptional for Bitcoin, as its price reached new highs, giving us confidence that the coin will not simply stop at this level and have the potential to move further, if this continues. The current increase, the leading cryptocurrency is likely to exceed the $70,000 level.
The cryptocurrency market as a whole has been going strong over the past couple of weeks, especially when it comes to the leading cryptocurrency, however, if the price and trading volume continues to rise in this way, it will likely reach new heights.
Bitcoin mutual fund noise stimulates growth
Bitcoin has reached a new all-time high, and this can be attributed to a lot of the hype surrounding Bitcoin ETFs.
On Tuesday, the Securities and Exchange Commission approved the first ETF backed by bitcoin futures, and the product generated more than $1 billion in trading volume, making it one of the most successful ETF launches in history.
Meanwhile, we also witnessed a rapid crash on BinanceUS, which sent the price of the cryptocurrency down around $8.2K per second before recovering, as happened on other exchanges but not that severe.
Should you invest in Cryptocurrency now?
To get a better perspective on the token's growth and potential future performance, we'll compare this value to its all-time high as well as its most recent performance in September.
Bitcoin hit an all-time high of $67,276 on October 20, and from an all-time high to value the coin fell by $1,204 or 1,79% to $66,072 on October 21.
Regarding the performance of Bitcoin for the month of September, the coin price on September 7 reached a high of $52701, and the lowest was on September 21 when its price dropped to $40604, this indicates a decrease of $12,097 or 22.95 %.
However, we can see an increase of $25,468, or 62.72%, between September 21 and October 21.