Bottom line: Bitcoin is on the run again. The highly volatile cryptocurrency hit a new all-time high of $ 66,943.50 on Wednesday – almost $ 1,400 above the previous all-time high of $ 64,888.99 in April 2021. What are the short and long-term limits of Bitcoin? It’s everyone’s guess at this point.
Bitcoin’s recent run is largely attributed to the successful debut of the first U.S. exchange-traded Bitcoin futures fund earlier this week. According to CoinDesk, Bitcoin has generated returns of over 122 percent since the beginning of the year.
As the publication points out, the aforementioned exchange-traded fund had trading volumes of more than $ 1 billion on its first day, making it one of the most successful launches of all time. More futures-based ETFs could debut in the US in the coming weeks, which could push Bitcoin’s value even higher.
As so often, other cryptocurrencies also benefit from the success of Bitcoin. Ethereum, for example, is trading at $ 4,048.89 at the time of this writing, which is about $ 300 below its all-time high. Dogecoin, the meme-inspired crypto that started out as a joke, is changing hands around the $ 0.25 mark – still well below its all-time high of $ 0.74, which it hit in May 2021.
Proponents of the decentralized cryptocurrency have speculated that it might hit $ 100,000 by the end of the year. Critics have been calling for Bitcoin to go under for years. Every dip is supposed to be the straw that broke the camel’s back, but notably, the resilient virtual currency is somehow coming back stronger than ever.
In any case, it will be a wild ride. Prepare your popcorn.
Photo credit Alesia Kozik
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