The world of cryptocurrencies is preparing for yet another marquee development as Bitcoin’s price looks set to achieve a new all-time high.
At the time of writing, the world’s leading cryptocurrency was trading at $64,296, off 0.4%, but still within touching distance of its record of $64,895.22 from almost 5 months ago.
The flagship cryptocurrency has been on a tear of late, with its price increasing by over 16.26% in the last seven days. This growth comes after the setting up of a first-ever US-approved Exchange-traded Fund (ETF) for the world’s biggest cryptocurrency, seen by many as a milestone event for the crypto industry. Experts and traders alike expect the flagship digital fiat to climb even higher with current trends looking as bullish as ever. After achieving the all-time high, Bitcoin will enter into price discovery mode which has been keeping every crypto follower on their toes.
Besides Bitcoin, most digital currencies in the crypto top 20 experienced similar jumps. The second-largest cryptocurrency, Ethereum, jumped more than 2.41% percent to $3,873.9, despite hitting as high as $3,955 in September. Binance Coin (BNB), the third biggest cryptocurrency by market cap, was trading at $485—a slight recovery from the past few weeks’ undulating lows below $300.
Dogecoin has slid almost 0.4% in the last 24 hours, standing at $0.24, despite moving up by 9.9% in the past week. Its performance has trended in the opposite direction from the rest of the market since Elon Musk’s little betrayal in May, but it looks like it’ll get back on the race track, like other caps in the top 20 list.
Polkadot (DOT) and Solana lead the altcoin rally. Also popularly known as the “Ethereum-killer”, Solana has emerged as one of the fastest-growing cryptocurrencies in the digital ecosystem. At the time of writing, it was trading comfortably at $156.4, up by almost 7% since the past week.
DOT is trading blows at an idle $40-42 range, clearing an upwards trend by almost 19% on the 7-day index.
Amidst all the euphoria running high in BTC-obsessed markets, trends have yet to overlap due to uncertainty over Bitcoin’s total global market cap as the world experiments with ETFs.
Traders want to access returns on their crypto investments, but they also want the process to work like other universally approved standard financial practices. Perhaps the ETF fever may contribute to a boost in crypto assets in circulation and offer better access to investors for ease of doing business. Only time will tell.