Bitcoin broke through the previous price roof in the wake of an ETF approval in the US and reached an all-time high of $66,909, eliciting huge excitement among proponents. From Reddit, Medium, and Facebook, to Twitter, the social media realm was awash with massive praises of the digital currency, from the right and left segments.
And it appears to be just the beginning of good things ahead for the entire digital currency industry, CTO and Co-founder of Bitcoin rewards app Lolli, Matt Senter, told ZyCrypto.
“We Bitcoiners love ‘Uptober,’ our cheeky nickname for October, and it’s living up to its name. With bitcoin at a new all-time high, Bitcoin is proving that historical price patterns are no joke.”
“Bitcoin has characteristically performed very strongly during October, kicking off a price climb that continues through the first of the new year. At this rate, with increasing institutional adoption and a warming regulatory environment, we believe the bull run is just getting started.”
Probably the next big milestone to watch for Bitcoin is at $72,800, when Satoshi Nakamoto’s striking creativity will surpass the total value of all silver globally in market capitalization, according to the Chief Strategy Officer at Oslo human rights foundation Alex Gladstein.
“That’s the next big milestone for Satoshi Nakamoto’s remarkable invention, once just a string of code on the solitary computer, running quietly in the wake of the Great Financial Crisis.”
At $1.2 trillion in market capitalization, Bitcoin is close to transcending silver in market cap by an entire 90%. Silver is at $1.38 trillion. When there is excessive news of crypto hitting an all-time high, many people begin to sell it to cash in on profits. But many holders may currently still be willing to hold on to their dear coins expecting further breakouts as the fundamentals and prospects by analysts are still looking great.
At this rate, Bitcoin is up 205 percent this year. But the debut of the Bitcoin ETF approval in the United States has sparked a huge demand. Head of Communications at Lolli Aubrey Strobel said the ETF approval may still activate further price pumps because it makes Bitcoin acceptable to institutional investors.
“The SEC’s approval of the futures ETFs also signals promise for other Bitcoin-related financial products – a sign of a warming regulatory environment for Bitcoin in the U.S., where financial authorities are recognizing that Bitcoin is very much here to stay and that there is an ever-growing body of consumers with interest in owning or investing in Bitcoin.”
Strobel said that Bitcoin’s all-time high price is the latest validator that Bitcoin is the most secure store of value in history given the high yearly ROI – especially in the last decade.
“Bitcoin has consistently discredited critics who deride its volatility as an augur of a coming price crash by breaking ever-higher price ceilings, inviting growing institutional and mainstream interest.”