Bitcoin News and Finance
Bitcoin Skyrockets Above $57K, Recaptures Trillion Dollar Market Cap, Double-Digit Weekly Gains Skip to main content

Bitcoin Skyrockets Above $57K, Recaptures Trillion Dollar Market Cap, Double-Digit Weekly Gains

Bitcoin Skyrockets Above $57K, Re-Captures 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.

Labels:

Comments

Post a Comment

Popular posts from this blog

Custodial Lightning Network Service Attack Discovered by LN ‘Newbie’ — Hacker Strikes 6 LN Custodians

On September 18, a Redditor posted to the r/bitcoin forum and explained how he discovered a way to “attack [the] lightning Network’s custodial services.” The Reddit account dubbed “Reckless Satoshi” wanted to figure out if a “discrepancy between real routing fees and service’s transaction fee can be exploited for a profit.” The researcher disclosed that he wanted to see how large the damage could be and said “it is bad.” 6 Lightning Network Custodial Services Attacked, Researcher Discloses Findings to Offenders Prior to Public Disclosure A Redditor called Reckless Satoshi published a disclosure post on r/bitcoin this past Saturday and disclosed how he had found a vulnerability with routing fees and some of the Lightning Network’s custodial services. The research attack was done in good faith and after it was complete he disclosed the bugs to the offending services before publishing his findings. Reckless Satoshi used the Lightning Network (LN) attack on six different services incl...
Post a Comment
Read more

Axie Infinity Down 40% Since Last Week’s Price High, Protocol Revenue Outshines Competitors

Last week, the game token leveraged within the Axie Infinity gaming universe skyrocketed to all-time highs, while other crypto markets remained extremely lackluster. During the last seven days, Axie Infinity’s platform token has dropped significantly in value shedding more than 12%. Meanwhile, the game platform’s smooth love potion token has slid over 8% over the last 24 hours. Axie Infinity Down More Than 40% Since All-Time High Not too long ago, the axie infinity (AXS) token was a topical conversation because it reached an all-time high on July 15. At the time, AXS managed to capture $28.93 per unit and since then it has shed 12.8% during the last seven days. The axie infinity (AXS) token is used within the blockchain-based game that involves battles between token-based creatures called “Axies.” AXS is used for the game’s governance system as well as other actions within the game. At the time of writing axie infinity (AXS) is exchanging hands for $16.70 per coin. AXS/USD on Ju...
Post a Comment
Read more

Play-to-Earn Game From Polker (PKR) Exchange Listing – Endorsed by Akon

The Play-to-Earn NFT based Polker.Game ‘s native token $PKR has been officially listed on the popular centralized exchange BitMart. Polker.game has been in the spotlight recently as Akon, the American R&B superstar and record producer gave his official endorsement of polker stating that the “game is revolutionary” and that Polker is “hands down.. the best play to earn, NFT game in the space.”. With the BitMart listing and celebrity endorsement from Akon, Polker is perfectly positioned to become a major player in the Play-to-Earn league. Watch Akon’s Video Here What is Play-to-Earn? Although not a new concept, play-to-earn has become a trending term due to the popularity of the NFT game AXIE infinity. In the past, previous play-to-earn games have also achieved success – however, thanks to the huge amount of development in the blockchain space in recent years the gaming experience is now massively improved. Play-to-Earn games are essentially free to play and open to anyone and...
Post a Comment
Read more

China to Crack Down on Copyright Infringement Through NFTs

Authorities in China are going after creators of digital collectibles based on other people’s works of art, the use of which was not authorized. The government offensive is part of a campaign to combat online copyright infringement and piracy with the participation of several departments. Regulators in China Move to Strengthen Copyright Supervision of Online Platforms The National Copyright Administration of China (NCAC) has recently launched a campaign against copyright infringement and piracy on the internet, together with the Ministry of Industry and Information Technology, the Ministry of Public Security, and the State Internet Information Office of the People’s Republic. A major objective of the initiative is to improve copyright supervision of online businesses by investigating cases involving the sale and distribution of infringing products on short video, live broadcast and e-commerce platforms, and promptly dealing with infringing content, the agency announced in a press r...
Post a Comment
Read more
Blogarama - Blog Directory