In the last 24 hours, Bitcoin (BTC) has had a huge reversal following several days of sustained rises; at one point, the cryptocurrency fell below the $60K mark.
With almost $45 billion leaving the digital currency and trading volume decreasing by 20.84% as BTC’s price dropped by $2,700 in a single day after hitting an all-time high of nearly $66,000 this week. Some cryptocurrency market experts doubt whether Bitcoin’s upward trajectory will be continued.
According to CoinMarketCap.com, the leading digital currency is currently trading at more than $60,702. Simply, bitcoin maintains a price over $60K. It is down 4.17 percent in the last day and 1.14 percent over the preceding seven days.
One famous price prediction model projects that Bitcoin will hit six digits by the end of 2021. They predict that it will have a market value of $1.14 trillion and a 45.34 percent market share. The legendary volatility of cryptocurrencies, however, suggests that they will undergo a severe correction at some point.
According to analysts, a price decrease equivalent to what occurred after the all-time high in mid-April is unlikely.
? Bitcoin Maintains Over $60K After Bitcoin futures ETF News
For the past week or two, the cryptocurrency world’s attention has been focused on the first-ever Bitcoin futures ETF. In fact, it went online in the United States on Tuesday.
The anticipation was able to trigger an incredible spike for the long-awaited release of this digital asset. Because of its release, bitcoin went past its April all-time high and set a new record a day later. BTC, on the other hand, was unable to maintain its position, and the bears gradually began to push it lower.
It’s now even more intriguing to compare Bitcoin to gold since this week saw the debut of the world’s first Bitcoin future ETF on the New York Stock Exchange (NYSE).
The ruling marked a turning point in the cryptocurrency market, allowing previously inaccessible institutional investors to gain access to Bitcoin and help it reach new highs.
According to CEO of Crypto Quant Ki-Young Ju, a similar price spike was experienced after the NYSE registered the first gold ETF in 2004. This was when its market size was approximately equivalent to that of Bitcoin today.
An interesting point is that investors’ interest in gold ETFs may have fallen 7 percent due to the emergence of gold substitutes like Bitcoin, which might make it a viable store of value in place of traditional assets like gold and silver.