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Bitcoin Price Breaks All-Time High Surpassing April’s $64.8K Peak

George Georgiev Oct 20, 2021 13:43

Bitcoin has broken its former all-time high and is now officially looking at price discovery. This comes on the back of serious developments in the industry – just today, the first-ever SEC-approved futures-backed Bitcoin ETF started trading.

  • The previous all-time high of Bitcoin’s price was set on April 14th, 2021 and it was at $64,895 trading on Bitstamp exchange – exactly 6 months and 6 days ago. As of writing these lines and shortly after breaking the ATH level, Bitcoin quickly reached a record high of $66,415.
BTC/USD, Bitstamp. Chart by TradingView
  • It’s worth noting that Bitcoin is up over 100% in the past couple of months alone – since the drop in July that took the price below $30,000 briefly,
  • With this said, the current rally looks to be more sustained than the one that led up to the previous all-time high for a number of reasons.
  • Right off the bat, long-term holders, as well as miners have been in steady accumulation mode and have shown little to no serious intentions of selling, as per on-chain analysis.
  • Another very important consideration is the BITO ETF – the first-ever futures-backed Bitcoin ETF approved by the US Securities and Exchange Commission (SEC).
  • As CryptoPotato reported earlier, the ETF by ProShares opened particularly well and saw shares worth almost $1 billion traded in its first day on NYSE.
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George Georgiev

Georgi Georgiev is CryptoPotato's editor-in-chief and seasoned writer with over four years of experience writing about blockchain and cryptocurrencies. Georgi's passion for Bitcoin and cryptocurrencies bloomed in late 2016 and he hasn't looked back since. Crypto’s technological and economic implications are what interest him most, and he has one eye turned to the market whenever he’s not sleeping. Contact George: LinkedIn