Rising by approximately 7% on Monday and breaking its market cap on October 28, Bitcoin price has exceeded the $67k mark with a cap of $1.3T and has now leveled silver.
As of writing, the market value of the currency is estimated at $3 trillion, leading the market by approximately 42%.
The BTC/USD value is estimated at $67, 532. If it exceeds the $68, 000 level, there will be room for buying until the next resistance level.
The market cap of over 10, 000 cryptocurrencies in the world has increased significantly due to the spike in BTC value.
Bitcoin is closely followed by Ethereum which is the second on the crypto market.
Following the surge of bitcoin, ETH attained a new all-time high when its price exceeded $4,700.
We presume the recent approval of Bitcoin ETF by the SEC may have contributed to the surge after its debut on the New York Stock Exchange. Many other analysts also believe that bitcoin will see more profit in the coming years.
Michael Morch, executive director at Crypto Hedge Fund ARK36, highlights that the 70, 000 mark for top currency is unavoidable.
He adds that the market has significant sell side liquidity and the development has occurred because of the increase in demand on the ready market.
Anthony Bertolino, VP of growth iTrustCapital says, “The new development in the U.S. will affect the crypto market positively. Moreover, it will assist new crypto investors in experiencing the best side of bitcoin as a genuine asset”
JPMorgan Chase, CEO Jamie Dimon, has however criticized the crypto saying that it is unimportant and has no value.
While other countries and states have been contemplating acknowledging Bitcoin as an official tender, El Salvador has now become the first in history to officially recognize bitcoin as a legal tender.
Purchasing over 1, 400 BTC, the state is focused on utilizing its Bitcoin returns to improve the public sector
Don’t miss important articles during the week. Subscribe to blockbuild weekly digest for updates.