Crypto breaks $ 2.5 trillion as bulls predict ridiculously strong Bitcoin and Ethereum price rally

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Bitcoin and cryptocurrency prices surged this week, with expectations from the US regulator greenlighting a bitcoin exchange-traded fund (ETF) soaring.

The price of bitcoin broke through $ 60,000 per bitcoin, hitting highs of nearly $ 63,000 yesterday before falling back slightly and pushing the combined cryptocurrency market over $ 2.5 trillion to return to its peak of may.

As bitcoin, ethereum, and other major cryptocurrencies soar, crypto traders predict a “ridiculously strong” rally through 2021.

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The price of bitcoin has skyrocketed this week, approaching its all-time high of nearly $ 65,000 per … [+] bitcoins. The price of ethereum has also skyrocketed, helping the combined crypto market to reach $ 2.5 trillion.

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“Bitcoin, ethereum, and the broader crypto market are likely to have a ridiculously strong fourth quarter, and I predict we’ll see new all-time highs by 2022,” Nick Spanos, creator of Bitcoin Center NYC and co-founder of the network decentralized Zap.org, said in comments sent via email.

The bitcoin and cryptocurrency market was torched by the news this week, with the U.S. Securities and Exchange Commission (SEC) finally gearing up to approve a long-awaited bitcoin futures ETF. It is believed that the introduction of bitcoin ETFs will lead to an increase in the flow of money into the crypto market.

“After a week of expectation and momentum, bitcoin hit $ 60,000 again for the first time in nearly six months,” said Simon Peters, crypto asset analyst at the investment platform eToro, in comments sent by email. “[Yesterday’s] The spike appears to have been triggered by growing investor confidence that U.S. regulators will approve the launch of an ETF based on bitcoin futures, but an increase beyond $ 60,000 has seemed likely for some time. time now after weeks of positive net inflows into bitcoin from institutional investors, an increasing migration of bitcoin from short-term to long-term holders, and the resulting compression of the bitcoin supply. “

Meanwhile, others have pointed out that large investors are holding more bitcoin, which has resulted in a squeeze in supply.

“There has been a steady increase in the number of investors entering the market, with the number of Kraken account registrations increasing steadily month-to-month since the summer,” Curtis Ting, Managing Director Europe, Middle East and Africa’s Kraken crypto exchange said in a statement. “This coincided with the continued evaporation of the bitcoin supply in the market. As Kraken Intelligence pointed out in last month’s report, the amount of bitcoin held by whales reached a record total of 11.88 million, or more than half of the total bitcoin supply as of mid-September. With the possibility of a bitcoin ETF galvanizing the investment community, pumping more and more funds into the digital asset class, the rise above $ 60,000 could be the result of steadily declining supply struggling to meet growing demand. ”

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