The price of Bitcoin continued to rise on Monday (18.10.2021) after the asset manager ProShares had predicted that it might think of launching a BTC exchange future traded fund as soon as 18 October 2021. The Bitcoin price hit the market by as high as $62,000 on 16th October for the first time in the last 6 months. The crypto space has not witnessed such Bitcoin price 2009-2018. The increase came into light after that and now Bitcoin price history has been created.
Bitcoin Price Hit On 18.10.2021
On October 18, the Bitcoin price in USD jumped 1.97% in the past 24 hours to $62, 150.63 as per the reports by the coinmarketcap. The famous digital currency rose 12.48% in the week that ended on October 17 at $61,504. As per the Trade Desk of WazirX, Siddharth Menon,
“Bitcoin has been on a tremendous bull run for more than a week. Bitcoin rallied close to the $63,000-mark ahead of speculation regarding the Bitcoin Futures ETF launch on Monday, 18th Oct 2021. Bitcoin has broken out of the channel pattern and we can expect the momentum to continue into the week ahead. The next resistance is expected at $63,000.”
As of 1st October, Bitcoin which is the oldest digital currency was valued at $45024.83. At that time, the market capitalization of Bitcoin was $1.17trillion.
Rise In Other Top Cryptocurrencies
Ether, the coin that is linked with the Ethereum blockchain, and which is the second largest digital currency, increased to $3,885. At the time of writing this, Ethereum price is $3,774.59. Along with that the prices of Cardano and Dogecoin gained marginally. Compared to other digital coins like Shiba Inu, Solana, Binance Coin has also gained a good value over the past 24 hours. Such was the Bitcoin price prediction. The Bitcoin price live at the time of writing this is $60,952.90. Menon further added that,
“Ethereum is yet to see a strong run as compared to BTC.. The trend of ETH/BTC is still in the descending channel pattern on the daily chart. Immediate resistance is expected to be at the $0.072 level, if broken, we could see a strong rally in ETH. Other altcoins may see a new bullish rally if Bitcoin continues to dominate.”
Conclusion
From the above report, it can be concluded that the Bitcoin price hit is the reason for many operations that have been going on in the crypto space. Even after seeing a downturn after the China crypto crash, Bitcoin has managed to attain its all time high in the last 6 months.
The surge of Bitcoin has taken place in the recent weeks that has been fueled by presumptions that the launch by the U.S can be impending. The price of this crypto has increased more than double from its recent July low.
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