Bitcoin BTC/USD traded in the green after charting a new all-time high on Wednesday as the global cryptocurrency market cap shot up 4.55% to $2.65 trillion.
What Happened: The apex coin traded 2.74% higher at $65,840.83 over 24 hours. For the week, BTC has gained 14.5%.
On Wednesday, Bitcoin touched an all-time high of $66,930.39 in a rally fueled by exuberance surrounding the launch of ProShares Bitcoin Strategy ETF BITO.
At press time, the apex coin was trading 1.66% below its all-time high. Since the year began, BTC has shot up 124.02%.
Ethereum ETH/USD rose 8.23% to $4,188.21 over 24 hours. Over the last seven days, it has risen 16.03%.
The second-largest cryptocurrency by market cap is currently trading 3.75% below its all-time high of $4,362.35, which it reached in May.
Shiba Inu-themed Dogecoin DOGE/USD was up 4.59% at $0.255 over 24 hours. For the week it has risen 7.41%.
The top 24 hour gainers on Wednesday night were OKB and Solana, which rose 23.52% and 18.9%, respectively, to $25.22 and $186.04.
OKB has shot up 173.78% so far since the year began, while Solana has run up an impressive 10074.17%.
See Also: How To Buy Bitcoin (BTC)
Why It Matters: BTC’s upwards moment has given rise to hopes that the apex coin has room to rise further.
A recent study comprised of 50 industry experts expect BTC to peak just above $80,000 this quarter and end the year around $71,400.
Amsterdam-based cryptocurrency trader Michaël van de Poppe said on Twitter that important levels for BTC are $68,000, $75,000, and $90,000.
Looking at a scenario like this in which the important levels for #Bitcoin are $68K, $75K and $90K.
— Michaël van de Poppe (@CryptoMichNL) October 20, 2021
Full analysis:https://t.co/JYi9ckcblF pic.twitter.com/FIdbbpxVNF
Despite charting new highs, Bitcoin reserves continue to plummet, as per a note from CryptoQuant.
The analytics platform said while they expect flows to increase around the all-time high levels, the reverse has happened.
Chart Showing All Exchange Reserves, Courtesy CryptoQuant
“We see that long-term Bitcoin wallets (LTH-SOPR) have not started serious profit sales yet. The expectation in the market may not be only ATH, but exceeding 70 thousand dollars!”
Meanwhile, Ethereum is nearing all-time highs of its own, which, in turn, is boosting bullishness on Twitter.
According to CoinGecko, ETH broke through US$4,200, which is only one step away from the all-time high of US$4,356.
— Wu Blockchain (@WuBlockchain) October 21, 2021
Facebook, Reddit, Twitter and Tik Tok are all using #ethereum…
— Lark Davis (@TheCryptoLark) October 20, 2021
Seriously wtf is going on in 2021?
How is anyone not bullish?
Read Next: Has Shiba Inu Price Hit A Wall Of Resistance? Why Investments In Dogecoin Killer Are Slumping Today
© 2024 Benzinga.com. Benzinga does not provide investment advice. All rights reserved.
Comments
Trade confidently with insights and alerts from analyst ratings, free reports and breaking news that affects the stocks you care about.
