Bitcoin Hits All-Time High


Bitcoin prices hit a new all-time high today. Thus, breaking through the previous year’s record. Bitcoin is now worth $66,974.77, according to CoinDesk’s price tracker. And as such, it is the world’s most prominent digital currency.

In less than a year, the price of Bitcoin has more than doubled. It started below $29K in early 2021. Yet, it now sits around that point at about a 131% greater capitalization rate.

The cryptocurrency’s all-time high was $64,888.99 until today. An achievement in April.

Bitcoin has been on a roll this year, and who knows why? Probably, some notable developments are fuelling the surge.

The ProShare Effect Might Be The Reason for Bitcoin Surge

First, Bitcoin has finally arrived on Wall Street. And its debut was well met with enthusiasm from investors. The New York Stock Exchange’s first Bitcoin ETF opened for trading yesterday to great fanfare. The effects are open.

The new Bitcoin ETF from ProShares is now trading under the ticker BITO. It’s linked to futures contracts for digital currency, which means you can invest in it without owning any bitcoins yourself.

As a result, some experts have expressed their concerns about this fund since it isn’t a spot ETF.

The U.S SEC decision to approve the ProShares fund might signal their coming closer to providing a spot bitcoin ETF. A notion of some people on Bitcoins Listing.

A research analyst at crypto sentiment data provider The Chain, Nick Mancini, gave his opinion on these developments.

“Bitcoin’s recent leap past all time highs is primarily due to bullish sentiment brought on by the launch of the first ever BTC futures ETF,” he stated.

“This, along with some positive language from regulators in early October, exacerbated Bitcoin’s climb past $65,000.”

Kay Khemani, managing director at, also chimed in.

“This all-time high does not come as a surprise: it featured on the cards well back since Bitcoin’s bulls held the $30,000 Maginot line. Thus, inspiring a false sense of security,” he stated.

“The key catalyst that has enabled Bitcoin to hit an all-time record price is the recently approved ProShares BTC Futures ETF. This might lead to more adoption of the coin triggering a powerful feedback loop that looks certain to ignite the flame for a continued bull run.”