Bitcoin has broken above $60,000 for the first time since April, prompting a market-wide price surge.
The latest gains follow news on Friday that the US Securities and Exchange Commission is set to approve the first bitcoin futures exchange-traded fund (ETF) early next week.
Other leading cryptocurrencies have also seen big price increases in recent days, with Ethereum (ether), Binance Coin and Ripple (XRP) all rising by between 5-10 per cent over the last week.
The crypto market is now valued at more than $2.44 trillion, meaning it is now worth more than Apple, the world’s most valuable company.
Some analysts have forecast a record-breaking end to the year, with one price prediction model putting BTC on track to hit a new all-time-high by November. The same model predicts that bitcoin will hit six figures in 2021.
We’ll have all the latest news, analysis and expert price predictions right here.
Bitcoin price closing in on all-time high
Bitcoin has more than quintupled in price over the last 12 months, and is now less than $4,000 away from the all-time high that it experienced in mid April.
It’s been a bumpy year for bitcoin, with some analysts predicting that the latest price rally was merely a “dead cat bounce” that would see the cryptocurrency tumble all the way back to below $20,000.
The closer BTC gets to its $64,000 record, the less likely this scenario looks. One of the most prominent advocates of this bear market theory, the pseudonymous Mr Whale, seems to have been receiving a lot of comments on Twitter, judging by his latest tweet:
Anthony Cuthbertson15 October 2021 16:17
Bitcoin price finally breaks $60,000, with traders ‘extremely bullish’
After teasing the $60,000 price mark all day, bitcoin has finally broken above it.
This is the first time since April that the world’s biggest cryptocurrency has reached this high, and breaching this milestone could prompt a significant price rally, according to one analyst.
Will Morris, a sales trader at the UK based digital asset broker GlobalBlock, believes this could be the start of an “extremely bullish” phase for bitcoin.
“Traders previously suggested that for bitcoin to enter an extremely bullish phase and go parabolic it would need to break the $59-60k level,” he tells The Independent.
“If BTC breaks to $61k there could be minimal upside pressure. All-time highs of nearly $65k will be the next resistance level before a potential price discovery phase. While the BTC price has fiercely rallied over the past few weeks, bitcoin balance on exchanges remains at the lowest levels in nine months, indicating investors are holding bitcoin in wallets rather than readying themselves to sell.”
Anthony Cuthbertson15 October 2021 14:56
How high could bitcoin price go?
Depending on who you ask, the answer to this question can range from $0 to north of $1 million.
But separating the so-called FUDsters from the ‘Moon Boys’ are the more realistic crypto analysts, who put bitcoin’s price within a window of between $10,000 and $250,000 over the next year.
According to PlanB’s “worst case scenario”, bitcoin will be at $63,000 at the end of October, before shooting up to $98,000 in November and $135,000 in December. Today he tweets:
Anthony Cuthbertson15 October 2021 13:31
Crypto expert predicts price ‘frenzy’
Bitcoin is set for more short-term gains and possibly even a buying “frenzy”, according to one crypto expert.
We’ve heard from Greg Waisman, co-founder and COO at the global payments network Mercuryo, who believes today’s ETF news could provide the next major leg up for the market that will push bitcoin to a new all-time high.
Waisman this could come within the next couple of weeks, before climbing a further $10,000 before the end of the year. Here’s what he had to say:
Anthony Cuthbertson15 October 2021 11:06
Bitcoin price set for record-breaking end to 2021?
October has historically been a positive month for bitcoin, averaging 13 per cent gains since 2011, though this is just a fraction of the price increase typically seen in November.
With nearly a 40 per cent price rise in October already, bitcoin is vastly outperforming the precedent.
Anthony Cuthbertson15 October 2021 10:45
Crypto analysts react to bitcoin ETF news
You can read the full story of the long-awaited bitcoin futures ETF right here, which includes analysis from crypto experts about what this news means for the space.
We’ll be getting more reaction throughout the day from analysts, as well as expert price predictions for bitcoin and the rest of the cryptocurrency market. Could we be in for a record-breaking end to 2021? It would take only one more sudden surge, like the one we saw earlier this morning, for BTC to hit a new all-time high – though some are warning that mania could once again be creeping into the market, signalling a dip could also be on its way at some point.
Anthony Cuthbertson15 October 2021 09:10
Bitcoin price surges, closing in on record high
The price of bitcoin is now less than $5,000 away from its all-time high, after suddenly shooting up from below $57,000 to close to $60,000 on Friday morning.
The gains come off the back of a report that the US Securities and Exchange Commission (SEC) is set to approve the launch of a bitcoin exchange-traded fund (ETF).
This would be a massive step forward for bitcoin and cryptocurrency investors, who have been calling for a bitcoin ETF approval for years.
The official Twitter account from the SEC’s investor education office also hinted that an announcement was imminent, tweeting about the risks of trading bitcoin futures contracts.
Anthony Cuthbertson15 October 2021 06:51
Dogecoin price spikes after Elon Musk tweets
Elon Musk has once again sent the price of dogecoin soaring after trading tweets with the cryptocurrency’s founder, Billy Markus.
The meme-inspired crypto shot up nearly 10 per cent after Musk replied with the ‘100’ emoji after Markus tweeted, “if you don’t run a dogecoin node, you are satan”.
The centibillionaire also posted a crying face emoji to a meme posted by Markus, inspired by hit Netflix show Squid Game.
As the richest person in the world, Musk revealed earlier this year that beyond Tesla stock and his share of ownership in SpaceX, cryptocurrency is the only thing of significant value that he owns.
The only ones he has admitted to personally owning are bitcoin, Ethereum (ether) and, you guessed it, dogecoin.
Anthony Cuthbertson14 October 2021 15:04
How bitcoin and crypto market stack up
After overtaking the market value of Apple today, we put this chart together to see how the cryptocurrency market stacks up against the top 10 leading assets.
Accounting for nearly half of the global crypto market cap, bitcoin ranks above Facebook, Tesla and Berkshire Hathaway in the top 10.
No included on this chart are precious metals, but if they were gold would be way out in front with a market cap of more than $11 trillion. Silver would also rank 7th on the list, just ahead of bitcoin with a market cap of $1.31 trillion.
Anthony Cuthbertson14 October 2021 13:28
Crypto market value overtakes Apple
The cryptocurrency market is now worth more than the world’s most valuable company.
Bitcoin’s price surge, combined with gains from Ethereum (ether), Cardano (ada) and Ripple (XRP) over the last few hours has pushed the overall crypto market cap up by 5 per cent.
This puts it at $2.37 trillion – roughly $40 billion more than Apple.
Bitcoin alone is now closing in on the market cap of silver, with analysts making comparisons to the astonishing price increase that it experienced in 2013.
You can read the full story here.
Anthony Cuthbertson14 October 2021 12:01