Bitcoin Skyrockets Above $57K, Recaptures Trillion Dollar Market Cap, Double-Digit Weekly Gains
The price of bitcoin continues to climb higher as the crypto asset has captured over 19% in gains during the last seven days. Bitcoin tapped a daily high on Monday reaching $57,678 per unit, jumping 4.4% in the last 24 hours.
Bitcoin Outperforms the Pack as Speculators Assume ETF Approval Is Coming
It seems crypto investors are more attracted to bitcoin (BTC) in recent times as the crypto asset has been outperforming most of the top digital currencies in the last few days. On Monday, BTC has jumped 4.4% in value and BTC is the 14th-biggest seven-day gainer out of 10,000+ crypto-assets in existence.
Much of the price increase has been attributed to the possibility that the U.S. Securities and Exchange Commission (SEC) will approve a bitcoin exchange-traded fund by the month’s end. While many investors see a bitcoin ETF approval as being positive, others have shared contrasting opinions about the subject in recent times.
Bitcoin (BTC) has gained 19.3% during the last week and year-to-date, BTC is up 410.3%. The price push has increased BTC dominance as the metric has tapped 44.4% on Monday, while ethereum’s (ETH) market cap is 17.3%. With current prices above the $57K range, BTC’s market valuation is approximately $1,085,971,255,172, or just over $1 trillion.
Tim Frost, CEO of digital wealth management platform Yield App told Bitcoin.com News in an investor’s note that bitcoin is “set to test all-time highs and break into six-figures.” Frost spoke about the possibility of a bitcoin futures ETF getting approval and the recent approval of Volt Equity’s long, indirect exposure ETF.
“Analysts are predicting a potential cool off, with bitcoin potentially falling to the $40,000 support level before continuing on the upwards trajectory to test the previous all-time high of $65,000,” Frost explained on Monday. He continued:
A break of this level, in line with the stock to flow model, would likely see Bitcoin soar into the six-figure region and beyond toward the end of 2021 – a tantalizing prospect for investors hungry for that promised $100k level. Then, the approval of a Bitcoin futures ETF in the US would no doubt add rocket fuel to this already astronomical price target.
US Dollar, Yen, Euro, Australian Dollar Bitcoin Pairs Swell
Meanwhile, the dominant pair with BTC today is still tether (USDT) as the stablecoin captures 60.35% of all BTC trades on October 11. Tether is followed by USD (13.01%), BUSD (5.00%), JPY (4.07%), EUR (3.27%), and AUD (2.12%). Typically, when these three fiat currencies (JPY, EUR, AUD) have entered the top spots, markets are definitely more bullish.
It is clear that other digital assets besides BTC are not seeing the lifts they usually would see when bitcoin spikes to higher levels. Most alternative crypto assets are seeing mediocre advances while BTC continues to outperform, holding on to its double-digit gains.
What do you think about bitcoin’s recent gains outperforming the pack of competitors? Let us know what you think about this subject in the comments section below.
