Bitcoin Continues Bullish Momentum, Records New ATH!

Bitcoin Continues Bullish Momentum, Records New ATH!
  • It recovered from a summer low of $30,000 to break its own April record.
  • After the last ATH, it fell by half in just three months.

A surge of enthusiasm over how the financial establishment gradually embraced the digital currency’s ascent pushed Bitcoin beyond $66,000 on Wednesday.

Bitcoin was trading at $66,631, up 5.2 percent, at 2:30 p.m. Eastern time. It recovered from a summer low of $30,000 to break its own April record. CoinMarketCap says the previous high was approximately $64,889 USD.

Since its inception, Bitcoin has grown in popularity as more companies, professional investors, and even the El Salvadorian government have been interested.

BTC/USDT: Source: TradingView

On Tuesday, the first exchange-traded fund connected to Bitcoin attracted significant investor interest. ProShares Bitcoin Strategy ETF traded 24.1 million times on its first day. Volume topped 19.6 million in the first three hours of trade on Wednesday.

But it doesn’t own Bitcoin. It instead invests in Bitcoin futures, but the industry anticipates the ETF bringing in new investors. A traditional brokerage account holder may purchase the ETF without opening a crypto trading account.

Digital Gold

People, interested in Bitcoin because they want assets that move independently of other assets in their portfolios. Even believe Bitcoin can shield investors from excessive inflation, and some refer to it as “digital gold,” but that claim is unproven.

A currency that isn’t tied to any government, argues more high-minded supporters, is the future of finance. Cryptocurrencies are also known for their volatile prices. When Bitcoin last hit a record high, it fell by half in just three months. Davidson’s Gil Luria, a technology expert, says the future of Bitcoin is uncertain. 

According to CoinMarketCap, the Bitcoin price today is $66,528.80 USD with a 24-hour trading volume of $41,702,505,800 USD.

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A trader himself, Rossi has 7 years of experience trading in the forex market and the passion for writing has brought him to Newscrypto. He is the perfect combination of market knowledge and writing skills, making him one of the most sought-after writers on cryptocurrency.