Flagship cryptocurrency Bitcoin (BTC) has hit a new all-time high of $65,000, as a long-awaited surge pushes BTC / USD into price discovery. Data from Cointelegraph Markers Pro and Trading view showed Bitcoin crossing the $64, 900 mark in place since April, and the spike comes a day after the Bitcoin ETF started trading.
Bitcoin’s new all-time high has moved prominent fans, such as MicroStrategy Chief Executive Micheal Saylor, to celebrate; he tweeted: “The halls of eternity echo with the cries of those who have sold their bitcoin.”
The past few days has seen Bitcoin experience historic highs, against several major fiat currencies, including the Euro. On Friday, it soared beyond $60,000, amid reports that the United States Securities and Exchange Commission (SEC) was set to approve the trading of Bitcoin exchange-traded funds (ETF). For the first time in about six months, Bitcoin crossed the $60,000 milestone nearing its record high of $65,000, as investors grew confident that the Securities and Exchange Commission would approve the launch of an exchange-traded fund (ETF) based on its futures contracts. It later fell below the milestone during trading hours. But by Monday, it surged again and was trading above $60,000.
Bitcoin might have hit a new all-time high of $65,000, but expectations remain for even higher levels in the weeks and months to come. Last month, a research team from Standard Chartered predicted that Bitcoin will hit a new milestone of $100,000 by the first quarter of next year. Geoffrey Kendrick – the Global Head Of Standard Chartered’s Emerging Market Currency Research said that “as a medium of exchange, Bitcoin may become the dominant peer-to-peer payment method for the global unbanked in a future cashless world. Cyclically, we expect a peak around $100,000 in late 2021 or early 2022”. The research team also said Bitcoin could get to $175,000 on a long-term basis. The highest short-term estimates currently hover around $ 300,000 per Bitcoin.
Bitcoin’s market capitalization dominance is at its highest level since May, and popular traders are already warning that now is not the time to focus on a very heavy wallet. And while estimates currently indicate that the first half of 2022 is expected to produce a turnaround in alternate coin fortunes, for now, they remain affected as the “Bitcoin season” continues in full swing.
As of the time of this writing, Bitcoin is trading at $66,664.
