Digital Assets: Bitcoin, Other Cryptos Hit All Time Highs

November 9, 2021 | Digital Assets, Latest News, News
https://dailyalts.com/wp-content/uploads/2021/11/dogecoin-6262338_640-Edited.jpg

Both bitcoin and ether cryptos hit new record highs on Tuesday amid rising appetite for risk assets following a dovish Fed.

Bitcoin, the leading cryptocurrency, reached a fresh high of $68,521 on Tuesday, while ether scaled a new peak of $4840. (CNBC)

As this is being written, bitcoin is trading at $67,485, up over 2.5% over the past 24 hours. Ether is positioned at $4,784, higher by 1.12%.

The crypto assets market has apparently been driven by a dovish stance taken by the Fed in its last meeting when it showed a disinclination to hike interest rates, though it announced it would scale down bond purchases.

Bitcoin (BTC), and in a halo effect, other cryptos, also received a boost from the advent of the first bitcoin futures ETF, the ProShares Bitcoin Strategy ETF (NYSEARCA: BITO), on October 19. That day bitcoin scaled a high of $66,283, following the roaring response to the ETF by investors.

Markets also read the tea leaves, hoping the futures BTC ETF signalled a softer stance by the SEC towards crypto assets, and that it might augur the ultimate passage of the spot BTC ETF.

Other reasons being cited for the bullish moves in cryptos are their growing adoption, and perceived hedge against inflation.

ATH Perspectives

  • According to Coin Telegraph, a record accumulation of BTC by ‘whales’ triggered the latest ATH breakout. On-chain analytics provider Glassnode in its Monday “The Week On-Chain” report said that increased BTC accumulation by long-term holders served as a precursor to April’s previous BTC all-time high as well.
  • The Stock-to-Flow model used by PlanB, the astonishingly accurate, pseudonymous analyst, now predicts that BTC will close November above $98,000 and rocket to $135,000 by the end of the year.
  • On Monday, the net worth of the entire crypto-economy touched over $3 trillion, putting in the shade the market caps of major tech companies.
  • If bitcoin convincingly overcomes the last resistance, said to be $67,000, the stage is set for a “parabolic” price rise.

Related Story: Bitcoin At Fresh All Time High, Scales $66K

Free Industry News

Subscribe to our free newsletter for updates and news about alternatives investments.

  • This field is for validation purposes and should be left unchanged.


Shape

Latest Alternative Investment News

https://dailyalts.com/wp-content/uploads/2021/12/60148621_1291834164298938_7384402834688573440_n.jpg
FinTech: LatAm BNPL Provider Kueski Nabs $202M Series C Round
December 3, 2021     FinTech, News, Venture Capital

Kueski is one of the largest buy-now-pay-later (BNPL) and digital lenders in Latin America. It announced December 2 its close of a $202 million Series C debt and equity round….

https://dailyalts.com/wp-content/uploads/2021/12/bitcoin-gd3611bef8_640.jpg
Digital Assets: Renowned Investor Charlie Munger Sides With China On Its Crypto Ban
December 3, 2021     Digital Assets, News

Charlie Munger has shot off another broadside against bitcoin, endorsing China’s action in banning cryptos. A long-standing bitcoin skeptic, Munger was speaking in an interview for the Sohn Hearts &…

https://dailyalts.com/wp-content/uploads/2021/12/rider-img.jpg
Venture Capital: 15-Minute Delivery Startup JOKR Raises $260M Series B
December 3, 2021     News, Venture Capital

New York-based instant grocery delivery startup JOKR has become a unicorn within nine months of its launch and raised a $260 million Series B within five months of raising $170…

https://dailyalts.com/wp-content/uploads/2021/12/img-scaled.jpeg
Venture Capital: Porsche Buys A Stake In Sustainable Homes-Focused Startup 1KOMMA5°

Porsche, the German car maker, has taken a stake in Hamburg-based startup 1KOMMA5° through its venture finance arm, Porsche Ventures. The startup seeks to boost the rollout of presently decentralized…