Key Takeaways:
- Bright prospects for bitcoin now that it joins traditional markets through an ETF
- Price eclipses previous record and sets a new all-time high of $67,000 per bitcoin
Bitcoin’s Adoption Grows
Growing adoption of bitcoin pushed its price to a new record a day after the first bitcoin-linked ETF arrived on Wall Street. The ProShares Bitcoin Strategy ETF, with a ticker BITO, made its successful debut in traditional markets earlier this week.
On that note, institutional investors and retail crypto traders cheered the launch. As a result, the price of bitcoin soared to $67,000, a level never seen before in the history of cryptocurrencies.
That put bitcoin’s market value at $1.26tn, or more than half of Apple’s worth. It’s important to note that the iPhone maker is the company with the largest market capitalization in the world, boasting a value of $2.46tn.
October Performance Accelerates
Bitcoin’s mainstream acceptance has seen remarkable progress this month. Several major milestones were witnessed by crypto circles this month. On that note, all have helped increase the value of the token. In addition, these developments lifted cryptos’ credibility and legitimacy.
For one, the orange coin has accelerated 50% in October, boosted by hopes that US regulators will not ban bitcoin. The accommodative stance from the Securities and Exchange Commission and the Federal Reserve helped bitcoin recover from a China crackdown.
Furthermore, legendary investor George Soros, famous for his $1bn trade against the Sterling, owns bitcoin through his fund. That became clear in the first week of October.
Outlook for Cryptos is Bright
Against this backdrop, the outlook for cryptocurrency remains strongly positive. Moreover, projections are that the fast-developing market will continue on its upward trajectory. After regulations arrive, analysts say, US investment banks and fund managers are highly likely to add crypto exposure.
Client demand, in the meantime, is at its peak as institutions and individuals are eager to join the crypto rally.
In conclusion, the process of buying bitcoin has become a breeze. With that in mind, the recent move of cryptos to Wall Street is expected to create an even larger crypto community.