The cryptocurrency exchange CoinMarketCap said that numerous major crypto assets had big rises on Wednesday, October 20. Bitcoin (BTC), Ethereum (ETH), and Polkadot (DOT) are just a few of the cryptocurrencies today.
The entire cryptocurrency market is also on the verge of reaching an all-time high, having topped $2.5 trillion on Monday and continuing to increase on Tuesday as well. Even now, it is possible to notice the astounding tendencies.
Following many days of trading around and over $62,000, the price of Bitcoin reached a high of $64,476 on Tuesday evening.
During the time of this writing, at 10 a.m. East African Time on Wednesday, bitcoin is trading at $63,935.12 USD. As of July 20, it has gained more than 121 percent so far in 2021 (year-to-date), and it is closing in on its all-time high of more than $64,802 reached in April of this year, which was followed by a steep slide to less than $30,000 as of July 20.
The current increase corresponds with the acceptance this week by the New York Stock Exchange of the highly anticipated first US Bitcoin futures-based Exchange-Traded Fund (ETF) listing, which had been widely anticipated.
The cryptocurrency has spent many weeks trading above $40,000 after its latest rise above $50,000 in early September.
As previously stated, Bitcoin has had the most increase in value among the top ten coins. In the last 24 hours, Ether, the second-largest cryptocurrency and a token linked to the Ethereum network, has gained more than 2 percent to $3,857. Binance coin is currently trading at $485.15, down 1.22 percent from its previous high. Cardano is currently trading at $2.10, down 1.41 percent from its previous high. XRP is currently trading at $1.10, up 0.19 percent from its previous close. Solana is down 1.01 percent to $156.23 per share. Polkadot is up 1.06 percent to 41.61 cents, according to the latest trading. When it comes to cryptocurrencies, Dogecoin is down 1.35 percent to $0.2448, while Uniswap is down 1.04 percent to $26.79.
Meanwhile, a number of well-known analysts have chimed in on the recent price increase, providing essential information for potential investors to consider.
According to some analysts, the latest surge marks the beginning of a massive bull run in which Bitcoin and other crypto-assets will smash all previous records in the final months of 2021.
In addition, other analysts indicated that as prices rise, they will almost certainly fall, and that price swings would continue to occur since they are something that long-term investors will have to deal with.
According to investors, volatility is likely to continue in the near future. Accordingly, experts recommend that investors keep their cryptocurrency investments to less than 5 percent of their whole portfolio.