Bitcoin made history on Tuesday by touching a new all-time high. Continuing the rally in the cryptocurrency sector, the world’s largest cryptocurrency, jumped past $67,500 in the last 24 hours. Bitcoin price climbed 3.37 per cent in the last 24 hours to $67,520.02 at 0735 hours, according to CoinMarketCap. Bitcoin recorded last all-time high on October 20 at just below $67,000. The jump in cryptocurrencies has increased the market capitalisation above $3 trillion.
Bitcoin price rose sharply after the much anticipated debut of the first Bitcoin ETF on the New York Stock Exchange in October. The fund was the quickest ETF to reach $1 billion in assets, according to Bloomberg data. The new exchange traded fund offered by ProShares, markerd the long-awaited milestone for crypto investors and fuelled the Bitcoin rally.
Bitcoin, a little more than a decade-old digital coin has gained over 130 per cent this year. The crypto coin was hovering around $11,500 a year ago. The value of bitcoin quadrupled from its 2020 year-end value.
“Bitcoin is up 8 per cent over the past week, and is witnessing strong inflows and volumes at current levels which is a strong fundamental sign. November appears to have done a good job picking up the bull run-torch from October. Bitcoin corrected almost by 14 per cent making the low of $57,653. If it breaks and closes above the all-time high then we can expect the prices to further rally up to $75,000-mark. The majority of the market participants continue to remain bullish on Bitcoin, and the next few days remain crucial,” said ZebPay Trade Desk.
But Bitcoin still remained a highly volatile and speculative investment, according to analysts. Bitcoin hit record high in April this year and then plunged to around $30,000 in just two months. Given the history of volatility and market correction, the new high of Bitcoin hardly guarantee a long-term reveral. Those who have been investing in the crypto market, are not new to this price swings and they have to continue dealing with it.