Bitcoin’s price approached its all-time peak of $61,712 early Saturday, while ether set a fresh all-time high of $2,190.
On Saturday, Bitcoin, the world’s most famous cryptocurrency, regained the $60,000 mark as the market endured long-awaited uncertainty, as expected by analysts.
There is significant resistance near $60,000, which has been checked many times since March.
According to CoinDesk’s Bitcoin price page, the leading cryptocurrency traded above $60,000 for the first time in nearly a month following weeks of fluctuating between $52,000 and the upper $50,000s.
Bitcoin bulls were boosted further on Friday by the prospect of an exchange-traded fund (ETF) with exposure to the digital asset space being permitted in 2021, after the Securities and Exchange Commission (SEC) announced it was investigating ETF behemoth WisdomTree’s proposal.
Last month, the regulator started investigating VanEck’s ETF filing, and six other firms have submitted preliminary registration forms announcing their own attempts to launch a controlled bitcoin investment fund.
The prospect of an exchange-traded fund (ETF) with exposure to the digital asset space being approved in 2021 bolstered bitcoin bulls on Friday, after the Securities and Exchange Commission (SEC) confirmed it was reviewing ETF giant WisdomTree’s application.
Although it’s unclear if the market action is related, it comes just days before Coinbase, the world’s largest crypto exchange, starts trading on Nasdaq, in one of the crypto industry’s most awaited cases.
In response to a CoinDesk report, Daniel Loeb, the CEO of the $17 billion hedge fund Third Point, admitted to being a hodler on Friday.
This rise may also be attributed to a Bloomberg survey claiming that bitcoin’s price could surpass USD 4,00,000 this year.
Meanwhile, ether, the second-largest cryptocurrency by market capitalization, was on the verge of breaking through $2,200, just days after breaking through $2,100 for the first time.
The broader digital asset space has seen tremendous froth over the past few months, with investors and industry participants trading heavily in decentralized finance tools, non-fungible tokens and altcoins like doge, which hit a peak of $0.08 in February, eight times its value a month earlier.