Digital Assets: Bitcoin, Other Cryptos Hit All Time Highs
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.
- 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
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