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IPFS News Link • Bitcoin

Bitcoin Price Smashes $61.7K High -- Leading Crypto Asset Needs to Gain Over 5% to Reach ATH

• https://news.bitcoin.com, by Jamie Redman

The crypto asset came awfully close (around 5.3% away) from tapping the all-time price high reached six months ago on April 14.

Bitcoin's Bull Market Rampage Continues
Bitcoin (BTC) has done phenomenally well during the last two weeks as October has been a good month for the leading crypto asset. On October 15, 2021, BTC tapped a high of $61,430 per unit. The crypto asset is very close to reaching its all-time high of $64,804 per unit captured six months ago.

BTC's market valuation this Friday is coasting along at $1.15 trillion and bitcoin is currently the eighth-most valuable asset worldwide. BTC market dominance has increased to 44.57% while ethereum (ETH) dominance stands at 17.6%.

Metrics show out of the $156 billion in global trading volume between all the coins in existence, BTC commands $46.5 billion of those trades. Tether (USDT) captures 55.9% of today's BTC trades, followed by USD (16.28%), BUSD (5.44%), JPY (4.12%), EUR (3.77%), and KRW (2.72%).

Analysts Assume Spike Is Due to Rumors That a US Bitcoin ETF Will Be Approved

In a note sent to Bitcoin.com News, Etoro's crypto asset analyst Simon Peters says that the spike is likely due to expectations of a bitcoin exchange-traded fund (ETF) approval. "After a week of building expectations and momentum, bitcoin has hit $60k again for the first time in almost six months," Peters said.


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