TL; DR breakdown
- As bitcoin is accepted as mainstream, its value has increased to the same value as silver.
- The leading currency is currently targeting $ 68,000 as it continues to rise.
The price of Bitcoin exceeded $ 67,000 and broke its domain on October 28. It rose nearly 7 percent on Monday as it approached $ 67,000 with a market value of $ 1.3 trillion. The entire crypto market of this currency is now the same as silver.
This increase has increased the total market value of more than 11,000 digital currencies in the world.
The market value was $ 3 trillion, with bitcoin dominating by about 42% at the time of writing.
The recent jump in the value of Bitcoin in the past few days is followed by a bullish month for the entire stock market.
Bitcoin ETF approval
The SEC recently approved the first bitcoin ETF. Its first appearance on the New York Stock Exchange could also lead to a rise in prices.
According to Anthony Bertolino, Vice President of Growth at iTrustCapital, the new development in the United States will positively change the overall digital currency market. In addition, it helps new crypto investors experience the best aspect of Bitcoin as a real asset.
The latest development is significant, given that BTC was trading at around $ 12,000 per coin at this time last year.
Marking $ 70,000 for the top currency is now inevitable, according to Mikkel Morch, chief executive of Ramzarz ARK36 Investment Fund.
He notes that this development is due to increased demand in the ready market. He adds that the market has little liquidity in terms of sales.
Many analysts believe that bitcoin will be more profitable in the future. However, Jimmy Damon, CEO of JPMorgan Chase (JPM), has condemned the crypto. He said it is insignificant and worthless.
Go to the moon
As of this writing, the BTC / USD is valued at $ 67532. If it breaks the $ 68,000 level, there will be room to buy up to the next significant resistance level of $ 70,000.
Atrium is the second largest digital currency market after Bitcoin with 18.8% market dominance. Crypto also increased by about 5% in 24 hours. Just the other day, ETH reached another new record high when it hit above $ 4,700. Crypto is now waiting for $ 5,000.
El Salvador, meanwhile, was the first country in history to adopt bitcoin as a legal tender. Currently, the state uses its bitcoin returns to fund various projects. The budget is used to help the public sector, including the development of modern schools and health care facilities. The country has recently purchased more than 1,000 bitcoins. They also bought more than 400 bitcoins for about 30 million.