News

Bitcoin Reveals All-Time High Above $66,000; Altcoins Gain Momentum

Bitcoin Reveals All-Time High Above $66,000; Altcoins Gain Momentum

After a successful crossing of the $66,000 mark on Wednesday, Bitcoin (BTC), managed to refresh its all time high. The world’s largest cryptocurrency market capitalization, Coinbase, hit an ATH at $66,999. This was after a positive mood in crypto markets. Ethereum (ETH) also reached new highs, surpassing the $4,000 threshold. Now, it is trading at $4,077.98.

BTC traded at $67,106 on other crypto exchanges. This is a 7% increase over the previous day and a weekly change of more than 18%, Coinmarketcap data. The green mood across majors like Cardano (ADA) was a strong factor in favoring altcoins. It traded at $2.18, up 3.65%.

According to Kraken exchange data, Chainlink is trading at $27.20. This is an increase of 4.94% over the past 24 hours. Moreover, Meme Coin Dogecoin(DOGE) saw some slight gains, now exchanging hands for $0.25. On the other hand, Litecoin is experiencing remarkable gains after rising over 8.97% over the past 24 hours and trading at $205.44.

Finance Magnates reported Monday that large Bitcoin addresses have risen significantly from the beginning of September 2021. According to Santiment’s latest data, approximately 2% of bitcoin addresses have increased in the past 5 weeks.

However, there are 254 more Bitcoin millionaires accounts than at the beginning of September 2021. The rising interest in institutional Bitcoin is one of the main reasons.

Forecast for Bitcoin’s Long-Term Value

Panxora CEO Gavin Smith provided this forecast for Bitcoin’s future price: “We expect bitcoin to reach $100,000 in the future but not this year as volatility will continue into early 2022. The longer-term outlook for Bitcoin is still bullish. Family offices and corporations are leading the charge by investing some of their excess cash in Bitcoin to hedge against inflation. From a fundamentals perspective, however, it is becoming more clear that inflation will not go away. Retail investors will also be able to benefit from this market with the launch of the ProShares Bitcoin futures exchange traded fund.

Leave a Reply

Your email address will not be published.