Bitcoin Eyes $70,000 as ETF Renews Hope for Stronger Rally
Bitcoin could be eyeing $70,000 now after the largest crypto asset crossed the $65,000 mark in the last 24 hours with the global crypto market cap rising to $2.65 trillion, representing a 3.28% increase over the last day.
Dominance position increased as ProShares Bitcoin Strategy makes history with trading beginning on the first Bitcoin Futures ETF, taking Bitcoin to its highest closing price ever.
The new ProShares Bitcoin Strategy ETF launched on Tuesday, and Bitcoin saw a rather strong rally, rising 3.54% and closing at $64,241.61, its highest closing price ever.
The fund tracks Chicago Mercantile Exchange (CME) Bitcoin futures, which means investors bid on the future price performance of the crypto instead of in actual coins themselves.
With the new development, the total crypto market volume over the last 24 hours printed at $136.43 billion, which makes a 50.66% increase.
Also, the total volume in DeFi has also expanded significantly, currently at $15.93 billion, representing 11.67% of the total crypto market 24-hour volume. The volume of all stable coins settled at $104.7 billion at the press time 2:33 PM Nigerian Time, which is 76.80% of the total crypto market 24-hour volume.
Data from coinmarketcap.com shows that Bitcoin’s dominance is currently 46.47%, a decrease of 0.93% over the day.
The historical ETF popped over 3% during its first day of trading, bringing in around $570 million in assets and seeing around $1 billion in trading volume on the day – the second heaviest traded new ETF ever.
The market sees a lot of interest from retail investors, which analysts said is probably going to be what the market expected, an access vehicle for certain players in the marketplace.
Bitcoin has been on a bull run of late, lifting over 45% for October so far, largely on the back of excitement for the chance to follow a Bitcoin fund.
Bitcoin projected to hit $150,000
The possibility of a futures ETF has taken Bitcoin into a frenzy, closing above $61k for the first time in months, and analysts see $150k on the way – not before a possible buying-induced pull back though.
The coming weeks hold the possibility of a number of Bitcoin Futures ETF debuts, sending the crypto market hitting a $2.6 trillion valuation and Bitcoin closing higher for the first time since mid-April.
Feature on Chicago Mercantile Exchange (CME), ETF would let investors bid on the future price performance of the crypto instead of in actual coins themselves.
After looking at price data from the last nine years, crypto author Glen Goodman sees Bitcoin hitting $150,000 in the long term, with the caveat that the cycle will also likely see the coin tumbling back down to lows of $20,000 at some point, saying, “This is the big #Bitcoin picture. *If* this repeating pattern continues, the top end for $BTC this cycle is ~$150,000, and return to the bottom line would be ~$20,000.
Goodman isn’t alone with his prediction of a possible pullback, with Pankaj Balani, chief executive officer of crypto-derivatives exchange Delta Exchange added that “It won’t be surprising to see some profit-taking come through around those levels as traders might look to sell the news.
Overall the volatility on Bitcoin is going to be high irrespective of how the decision plays out. # Bitcoin Eyes $70,000 as ETF Renews Hope for Stronger Rally
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