Bitcoin is in the midst of a disbelief bull run. The pioneer cryptocurrency just zoomed past the $66,000 level, fueled by the successful launch on Tuesday of the first bitcoin futures exchange-traded fund in the United States.
Bitcoin Sets New All-Time High
On October 20, Bitcoin broke past its previous record high of $64,804 attained in April. At press time, the crypto is trading at $66,702.95, up 6.41% over the past 24 hours.
The strong upsurge follows the debut of ProShares’ Bitcoin futures ETF on the U.S. stock market. The ETF, which got the go-ahead from the Securities and Exchange Commission last Friday, garnered an opening day trading volume of a whopping $1 billion, making it one of the most successful debuts in history.
Bitcoin has been edging higher ever since it crashed to sub-$30,000 lows in late July. The market lodestar rallied in August before recoiling a bit in September then gathering strong momentum in October. BTC is up 49% this month alone, and 130% on a year-to-date basis.
Now that the ProShares ETF is officially trading, more bitcoin-linked futures ETFs are expected to soon launch in the U.S. market, offering wider market access and ease of use for institutional investors who wish to partake in the bitcoin market without buying the crypto directly.
The Incredible Rising Crypto Market
Notably, the positive development of the ProShares bitcoin futures ETF has helped boost the whole crypto market, with the aggregate market capitalization of all cryptocurrencies hitting a new historic high of circa $2.63 trillion.
With Bitcoin setting a new ATH, Ethereum appears set to catch up. The world’s second-largest cryptocurrency by market cap shot back above $4,000 today. ETH is valued at 4,065.96 at the time of publication. That’s the most expensive the crypto has been in five months.
Cardano, the fourth-largest cryptocurrency, is now preparing for the Daedalus v.4.4.0 release; it’s up 3.66%. And Polkadot (DOT), which continues to compete with Ethereum and recently announced the imminent launch of parachains on the network, has added 7.48% percent to its value on the day.