Bitcoin ($BTC) Makes Historical Weekly Close as Crypto Market Cap Breaches $2.5 Trillion

By Prashant Jha
Published October 18, 2021 Updated October 18, 2021
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Bitcoin ($BTC) Makes Historical Weekly Close as Crypto Market Cap Breaches $2.5 Trillion

By Prashant Jha
Published October 18, 2021 Updated October 18, 2021

Bitcoin ($BTC) bounced back from the weekend price corrections below $60K to make the highest weekly close in its history. $BTC price made the weekly close above $62K, marking the highest close in the decade-long existence, which is a highly bullish sign. The top cryptocurrency is currently trading at $62,331 with a 3% gain over the past 24-hours.

Bitcoin
Source: TradingView

The top cryptocurrency is also just another rally away from reaching all-time-high (ATH) as it is currently just 4% down from the ATH of $64,683. As $BTC bounced from a weekly price fluctuation, the crypto market cap also breached the $2.5 trillion mark for the first time in 5-months.  The supply of Bitcoin on centralized exchanges is at an all-time low indicating no signs of another market sell-off in the near future.

Bitcoin
Source: Glassnode

 

The market sentiment around the top cryptocurrency is highly bullish as the Fear & Greed Index indicates a sentiment of extreme greed among traders. $BTC has recovered nearly 50% of its value lost during the bearish September in just 3-weeks time, and as bullish momentum builds for the last quarter, many analysts are sure about $100,000 price by the end of this year.Bitcoin

What’s Driving the Bitcoin Bulls?

Apart from the fact that the final quarter of the year has proven bullish for Bitcoin, the major force behind the current rally is being attributed to the recent approval of the first-ever Bitcoin Futures ETF by the SEC in the form of ProShares BTC ETF. While Bitcoin proponents believe a Futures ETF would give regulators more control over the market and even make it expensive, the overall sentiment towards the decision is highly bullish given the historic value of the approval.

Santiment data shows that Bitcoin Futures ETF is one of the fastest-growing trends on social media indicating a bullish market sentiment.

Bitcoin

The top cryptocurrency can reach a new ATH by the end of the day or within this week. Looking at the debate around the Bitcoin Futures ETF, market analysts believe people would be better off buying spot BTC than ETF investment at the time.

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Disclaimer
The presented content may include the personal opinion of the author and is subject to market condition. Do your market research before investing in cryptocurrencies. The author or the publication does not hold any responsibility for your personal financial loss.
About Author
Prashant Jha
1197 Articles
An engineering graduate, Prashant focuses on UK and Indian markets. As a crypto-journalist, his interests lie in blockchain technology adoption across emerging economies.

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