Bitcoin Seeks New All-Time High, Ethereum Follows, Dogecoin Down As Markets Hold Firm Amid ETF-Optimism

Bitcoin BTC/USD hovered near all-time high levels on Tuesday as the global cryptocurrency market capitalization rose 1.94% to $2.53 trillion.

What Happened: The apex cryptocurrency touched an intraday high of $64,434.53, just 0.66% shy of the $64,863.10 all-time high it achieved in April.

At press time, BTC traded 3.48% higher over 24 hours at $64,116.55. Over a seven-day period, it has run up 13.59%.

Ethereum ETH/USD rose 3.16% over 24 hours to $3,869.77. For the week, ETH has risen 9.98%.

Shiba Inu-themed cryptocurrency Dogecoin DOGE/USD was down 0.18% at $0.24. Over the last seven days, DOGE has gained 6.79%.

The top gainer over 24 hours, as per CoinMarketCap, was OKB. The coin soared 21.56% over the period to $19.87. Over the last seven days, it has risen 23.92%.

The coin linked with the Maltese cryptocurrency exchange OKEx gained 17.96% and 18.31% against BTC and ETH respectively.

See Also: How To Buy Bitcoin (BTC)

Why It Matters: Bitcoin’s rise on Tuesday came after the first Bitcoin exchange-traded fund was launched in the United States.

The ProShares Bitcoin Strategy ETF BITO, which is backed by BTC futures, opened just under $40. On Tuesday, the ETF closed 4.85% higher at $41.94 and rose 0.24% in the after-hours trading to $42.04.

The ETF’s trading volume exceeded $1 billion, with most of the trading coming from retail investors, reported CoinDesk. 

This would put ProShares Bitcoin among one of the top two or three ever, as per Dave Nadig, chief investment officer and director of research at ETF Trends, as per CoinDesk.

Bitcoin reacted positively to the development recording its highest candle close in history, as per cryptocurrency investor Lark Davis.

#bitcoin highest daily candle close in history!!! pic.twitter.com/8aRSBLT1uY

— Lark Davis (@TheCryptoLark) October 20, 2021

Meanwhile, cryptocurrency’s mainstream adoption got another boost Tuesday after Coinbase Global Inc COIN announced a partnership with the National Basketball Association to launch the “official crypto platform” of the NBA, WNBA, NBA2KLeague, and USA Basketball.

As Bitcoin approaches all-time highs, there is an increased possibility of long-time holders resorting to profit-taking, as per CryptoQuant, which pointed to metrics such as spot reserves, derivate reserves, funding rates as indicators.

Metrics Indicating Possible Profit-Taking, Courtesy CryptoQuant

“Nothing more than a normal shakeout. DO NOT PANIC,” wrote the analytics platform in a note on Tuesday. 

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