Bitcoin is up 30% in October and in striking range from its all-time high

[ad_1]

The ongoing Bitcoin rally shows no signs of slowing down.

The cryptocurrency rose another 4% at midday on Monday and has recorded gains of over 30% so far in October. And with those gains, Bitcoin is quietly sneaking up to its all-time high of $ 64,888.99.

Of course, in the normal world of finance, a jump of over $ 7,000 would seem considerable. (The only investment where it wouldn’t raise eyebrows would be Berkshire Hathaway, which has risen $ 13,433 so far this month.) For Bitcoin, however, big spikes and big drops are common.

Bitcoin, at 12:15 p.m. ET on Monday, was valued at $ 57,630, according to CoinDesk. This puts it at 12.5% ​​of its all-time high. In the last week alone, Bitcoin has jumped 18%.

The steady rise in Bitcoin prices in recent times has come in the hope that a Bitcoin futures ETF will soon be approved by the Securities and Exchange Commission. 21Shares is working with Cathie Woods ARK Invest to launch one, with several other pending applications as well.

The SEC also recently said it has no plans to ban cryptocurrencies, following China’s crackdown on digital currencies. SEC Chairman Gary Gensler noted, however, that it would not end well if it stayed out of regulatory space.

Since the start of the year, Bitcoin is up 97%. (The Dow Jones Industrial Average is up 15% and the S&P 500 is up 19% during this time frame.) It currently has a market cap of $ 1.08 trillion. Only four companies have market caps above that: Apple, Microsoft, Google, and Amazon.

This story was originally featured on Fortune.com

[ad_2]