It is another good day to be a Bitcoin investor as BTC nears its ATH. Bitcoin has seen its price plunder for the past six months after it hit an all-time high of $64, 863. Just in mid-October, Bitcoin has placed smiles all over the faces of its holders and investors that must have entered the market while the price dropped.
Also, the cryptocurrency market cap went above the $1 trillion mark. The new market cap implies that investors are less fluttered by the news and learned to trust crypto projects. This can be seen with the slight price fluctuations with the China ban. The second and fourth world largest Ethereum mining pool closed and yet the price of Ethereum didn’t react a lot to this news. In the past, news like the China ban has had drastic effects on the whole of crypto at large. This could mean we are in for another bullish run just like the Q1 of 2021.
With Bitcoin ETFs in sight, the Q4 of 2021 might just be another bull season for crypto investors. The exchange-traded fund is an investment that tracks the price of underlying assets and can be traded on U.S stock exchanges. The U.S ETF will track the price of bitcoin futures traded on different exchanges rather than bitcoin itself. Rumors have it that SEC has no issues with Bitcoin futures ETF and it is only a matter of time before it is approved.
We wait to see the result of the current bullish run; will BTC smash past the former ATH and create a new one or will there be a reversal just like the last time?