Bitcoin’s price has surged yesterday and it briefly touched $63k. As of now, the price has seen some correction and is trading just under $62k. The latest price increase and Bitcoin closing on its gap with the all-time high comes as the crypto markets become bullish. And if it is able to cross its ATH, it will be sure that the price of the coin is going to see a serious boost. At the same time, we can also expect all altcoins to explode to new highs.
What has fueled the price increase of Bitcoin?
As Bitcoin rose over $50k, the price action was already bullish and it continued surging with minor price corrections. And now we can see that after the rumors that a Bitcoin ETF got confirmed the price surged again. James Seyffart shared on Twitter that Proshares Bitcoin strategy ETF will be confirmed and listed next week on Monday or Tuesday. It will also have less than half of GBTCs fee. This news of a BTC ETF has pushed the price past $60k with a good volume.
We should note that when the Gold ETF first got approved its price rose continuously in the next decade. And if the same happens for Bitcoin, it could become the 2nd biggest asset after Gold and even topple it sometime in the future. Apart from Bitcoin, other altcoins have also seen a serious price increase by nearing their ATHs. DOT is one token that is particularly doing well as the markets continue to rise.
So, we can say that the recent price rise can be related mostly to the ETF approval news. Another reason why BTC’s price saw a surge was Square’s CEO Jack Dorsey announcing that they are planning to build a Bitcoin mining system. It will use a custom silicon chip and will be built with the community by staying open-source.
We could see BTC breaking its ATH by the end of this week. And then the price could simply jump past $70k. The next target here will be $100k where we can finally change our DPs to something else (yes I am talking about the laser eyes).
What are your thoughts on the price rise of Bitcoin as Crypto markets become bullish? And do you think will see $100k by the end of 2021? Let us know in the comments below. Also, if you found our content informative do like and share it with your friends.