The price of the leading cryptocurrency Bitcoin reached its all-time high of $61,712 USD earlier today on Saturday while Ethereum [ETH, +3.75%] also set a new all-time high at $2,190 USD.
In line with CoinMarketCap, the leading cryptocurrency traded above $60k for the primary time in nearly a month after spending weeks vacillating between $52k and therefore the upper $50k’s. Bitcoin pulled back marginally after peaking at around $60,900 USD, though it remains above the psychological marker as at the reporting time.
Bitcoin last hit an all-time high in mid-March, consistent with CoinMarketCap.
Moreover, Ethereum, the 2nd-leading cryptocurrency by market cap, came on the brink of $2,200, just days after breaching $2,100 for the primary time.
While it’s unclear if there’s causation, the worth action comes just days before leading United States exchange Coinbase begins trading on Nasdaq in one among the cryptocurrency industry’s most anticipated events. A symbol of the maturing market, the listing will likely give Wall Street traders their most accessible bet yet on growth within the ecosystem.
Some institutional investors have wasted little time. Friday, Daniel Loeb, CEO of $17 Bln hedge fund Third Point outlined that he was a hodler in response to an official report. He’s hardly alone: institutional funds have flooded the markets and are deemed a minimum of partly liable for the 2020-2021 rally.
Bitcoin bulls were further bolstered earlier on Friday by the thought that an ETF [Exchange-Traded Fund] with exposure to the virtual asset space could be approved within this year in 2021 after the SEC [Securities and Exchange Commission] confirmed that it had been reviewing ETF giant WisdomTree’s app.
The regulator earlier began reviewing VanEck’s ETF app last month, and another 6 firms have filed initial registration forms declaring their own efforts to launch a regulated Bitcoin [BTC, +3.13%] investment vehicle.
The broader virtual asset ecosystem has seen tremendous froth over the past few months, with investors as well as industry participants trading heavily in decentralized finance tools, non-fungible tokens and altcoins like Dogecoin [DOGE], that hit a peak of $0.08 USD earlier in February, 8x times its value a month earlier.