The price of bitcoin has skyrocketed in recent days, and the world’s number one digital currency by market cap has reached a new all-time high. At the time of writing, bitcoin is trading for roughly $66,000 per unit.
Bitcoin Is Bigger and Better Than Ever
The journey of bitcoin has been a long and arduous one. No doubt it has come with many hardships, but it has also seen many significant joys – just as it is today. At $66,000, bitcoin has never been higher. 2021 marks a crazy and spectacular year for bitcoin in the sense that it has now broken its price record twice over the course of six months.
As we all remember, bitcoin topped $64,000 per unit in April after it was announced that Elon Musk – the CEO of both Tesla and SpaceX – had purchased a whopping amount and added it to Tesla’s balance sheet. From there, he decided that people could potentially purchase electric cars if they wanted to with the asset. The asset spun into a wild price frenzy soon after.
However, things didn’t last long considering Musk almost immediately rescinded his decision, claiming that he couldn’t promote the bitcoin agenda if miners weren’t going to be more careful regarding their emissions. From there, the asset fell into oblivion, losing more than 50 percent of its value and eventually dropping below $30,000 for a brief period.
However, things began to pick up a month or two later. The cryptocurrency rose back into the $40,000 range in the summer, and while things weren’t quite as strong as they had been in the spring, many traders began to get their hopes up. Today, bitcoin is bigger and better than ever before, and many people are once again excited about the prospects of the crypto market.
The rise this time around is being “blamed” on the recent introduction of a new bitcoin-based exchange-traded fund (ETF) that is now trading on the New York Stock Exchange (NYSE). The ETF has been something traders have desired for many years, and now it is finally here. While the product isn’t perfect – it is based on BTC futures rather than actual physical bitcoin – many feel that this is a good step in the right direction.
Pro Shares – the company responsible for bringing the product to market – explained in a statement:
We believe a multitude of investors have been eagerly awaiting the launch of a bitcoin-linked ETF after years of efforts.
Will Further Surges Happen?
Some are so confident in the abilities of the ETF to draw more attention to the crypto space that they think bitcoin is likely to experience even further spikes before the year is out. Katie Stockton of Fairlead Strategies says:
There is room for long-term overbought levels, supporting additional upside in the coming months.