Bitcoin Once Again Nearing $60K

Within the past week there has been an average gain of 19% in Bitcoin which consequently took the value of Bitcoin at US$ 57,678, nearing the US$ 60K figures. Bitcoin is continuously going up sending a new wave of hope amongst Bitcoiners whose faiths were lost proportionately and now their confidences are once again boosted.

There seems no end or even a slight change in the interest of crypto investors towards Bitcoin. Although, Bitcoin wasn’t able to perform in the past few weeks as it usually does, but it continued to attract more investors. However, on 11th October, 2021, there was a sudden hike in the Bitcoin’s value which was recorded to be almost 4.4%. There are more 10 thousand+ cryptocurrencies in the world and Bitcoin was amongst the 14 who were the ultimate gainers of past 7-days.

One of the major reasons for this sudden increase can be attributed to the Securities & Exchange Commission of the US (SEC). It is expected that there are bright chances that the SEC might consider granting approval of ETF-fund relating to Bitcoin. If that happens, then it would of course be a remarkable achievement for Bitcoin, particularly in the US market. In any case, the decision is still pending with the SEC which is likely to be taken before November this year. However, with regard to Bitcoin ETF, there are mixed opinions on its approval. Some people are optimistic that the decision will go in favor of Bitcoin. But others have a contrasting viewpoint and think that it is not going to happen at all.

However, what is more, important for the time being is that Bitcoin is up once again. It is moving in the price range where people want it to be i.e. US$ 60,000. If one judge’s Bitcoins past week’s performance then it is evident that there is a gain of approximately 19.3%. From the past year onward, there has been a tremendous increase of about 410.3%. Once again the market cap of Bitcoin has tipped over a trillion-dollar mark. Meanwhile, the situation for Ethereum too is relatively the same as it does for Bitcoin. There is a 17.3% increase for Ethereum as well in its market cap.

Yield App’s CEO, Tim Frost was highly optimistic about Bitcoin and predicted that Bitcoin will now move into six figures. He said that the challenge is on where Bitcoin will go above its all-time highs. He also talked about the ETF-fund approval by the US SEC. He also shared the same opinion that the approval will be granted for sure.

However, the opinions of crypto analysts are also different than most of people. They are expecting that there is going to be a major dip taking place in Bitcoin. They call that dip as “cool off time” for Bitcoin where they are expecting Bitcoin’s price range to be US$ 40,000/-. From there onwards then, Bitcoin will gain a revitalized rally and will move towards the price range of US$ 100,000/-. If that happens then the approval of Bitcoin ETF-fund would make more sense which will resultantly boost its value further.