BTC Hits New All Time High

Bitcoin Hits Highest Weekly Close, October Margins Surpass 40 Percent Mark

Cryptocurrency bitcoin hit its highest weekly close yet, at $61500, yesterday. Over the month of October, estimates show that the firm made at least 40 percent in profits after September’s 7 percent loss.

Bitcoin soared well above the $62000 threshold last Monday, well ahead of its much-awaited U.S Bitcoin futures exchange fund to be listed on the New York Stock Exchange. Market analysist believe that Bitcoin might just be the tool the cryptocurrency sector needs to onboard the next lot of investors.

Bitcoin seems to have a strong presence in the market considering that 20 other altcoins are having a difficult time gaining. Only three, Binance, meme and Shiba coins have managed about 4 percent gains. Polygon, Polkadot and Binance have managed to rally approximately 20 percent against the dollar in the past week.

There is mounting speculation relating to an impeding sell-off post BTC EFT approval, but that hasn’t done much to change BTC’s market value which currently stands at $60000. Galaxy Digital, Valkyrie, ARK Invest are just a few of the entities expected to roll out Bitcoin EFTs.  Analysts say Bitcoin’s momentum will continue for the rest of October.

Leave a Reply

Your email address will not be published. Required fields are marked *