Bitcoin Price Remains Strong Over $60k As NYSE’s Bitcoin Futures ETF Launched

Bitcoin soared towards its all-time high early on October 18, trading at $61,200 following the recent approval for the trading of Bitcoin futures exchange-traded funds (ETFs).

On October 15, the digital asset surpassed the $60,000 price mark for the first time since April 2021, sparking a market-wide rise in the cryptocurrency industry.

Now, investors are preparing themselves for something more after the introduction of a Bitcoin futures ETF by the U.S. Securities and Exchange Commission (SEC) which can be identified by its $BITO ticker in NYSE Arca Exchange later on.

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Following a remarkable recovery from the huge July crash that saw it dip below $30,000, the cryptocurrency is now less than $4,000 away from the $64,800 all-time high established on April 14, 2021.

Prediction of Another ATH In The Future

It is worth noting that some crypto experts think Bitcoin will reach a new all-time high by this November, with the same price prediction model forecasting it to reach six figures by the end of 2021.

PlanB, a crypto trading specialist, said that the stock-to-flow BTC daily price chart is presently following the expected pattern.

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Despite a meteoric increase in price in recent weeks, the BTC balance on cryptocurrency exchanges has remained at its lowest level in nine months.

This will be good news for BTC investors as the information is suggesting that investors prefer to keep the digital currency in their wallets rather than to sell it, which will further decrease the BTC price instead.

Global Cryptocurrency Market

The global cryptocurrency market is likewise approaching an all-time high, with more than $2.5 trillion in total market capitalization on October 18.

The move has been fueled by significant gains in several major cryptocurrencies over the last week, including Ethereum (ETH), Binance Coin (BNB), and Polkadot (DOT).

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The market is now trading in the red. It was down about 0.5% on the previous day’s total market capitalization, despite being valued as more than the world’s most valuable corporation, Apple Inc.

Nonetheless, the overall volume of the crypto market in the past 24 hours has increased by 10.5% to more than $93 billion.

At the same time, DeFi’s 24-hour volume is $11.5 billion, accounting for nearly 13% of total crypto market volume, while the aggregate volume of all stable currencies is currently $73 billion, accounting for nearly 79% of total crypto market 24-hour volume.

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