- >News
- >Runaway Bitcoin Plows Through $64,800 Barrier to Hit All-Time High
Runaway Bitcoin Plows Through $64,800 Barrier to Hit All-Time High
It took Bitcoin just over six months to achieve a new all-time high as the predominant cryptocurrency soared passed $65,000 earlier today.
The previous high of $64,889 was only hit in April and Bitcoin once again appears to be on the run as it was trending above $66,800 at the time this article was published.
There’s a good chance that at least part of the reason Bitcoin is soaring today is because the first USA-based Bitcoin ETF was given approval earlier this week.
The fund will give US residents a new way to gain Bitcoin exposure and means that institutions will likely be buying a considerable amount of BTC to outfit their funds.
There’s no telling where BTC might go from here but a significant number of crypto forecasters believe it will pass $100,000 before the year is out.
BTC Comes Out of China, Regulatory Fears Unscathed
It’s been a turbulent six months for Bitcoin as the crypto’s massive bull run, which started in 2020 was derailed by a combination of Elon Musk, China and regulatory fears in the USA.
Roughly one month after hitting an all-time high of $64,889 on April 14, Elon Musk Tweeted that Tesla wouldn’t accepting Bitcoin over environmental concerns.
The market immediately dropped 15% despite the fact that very few Tesla purchases utilized BTC and the company continued to hold over $1.5 billion BTC in its cash reserve.
Then a month later China announced it was banning all Bitcoin mining in the country (later this year the country would ban crypto outright).
There’s been a long history of China attempting to ban Bitcoin without much success but it did drop the price of Bitcoin once again. Some have argued it’s actually better to have less mining concentrated in China because it helps decentralize Bitcoin.
Regardless the price of Bitcoin dropped even further to a bottom of just under $30,000 in early July.
In August there was increased concern over regulation in the USA and that seemed to depress the price somewhat. Since then SEC commissioner Gary Gensler told congress he has no plans to ban cryptocurrencies, which has helped alleviate concerns.
From $29,000 to $66,800 in Three Months
There’s a reason that Bitcoin proponents always encourage crypto users to buy when the coin dips.
Just three months ago Bitcoin was treading water around $30,000 and, as of today, it has more than doubled that figure. It would be very to find those kinds of gains in the traditional stock market.
Bitcoin has been the main gainer this month but it appears to be finally dragging some of the altcoins along with it as of today.
Ethereum ($4,069) is up 7%, Polkadot ($43) is up 7.55% and Solana ($169) is up 8.72%.
We could be in for a wild end to 2021 as many cryptocurrencies seem to be poised for a significant run with Bitcoin leading the way.
