Bitcoin is back in price discovery mode.
The world’s largest cryptocurrency by market dominance surpassed new all-time highs today. The update comes the day after the first U.S. Bitcoin futures ETF went live on the New York Stock Exchange.
Bitcoin Hits New Highs
Bitcoin, the world’s most popular cryptocurrency, just broke all-time high. It briefly crossed $66,000 on multiple exchanges Wednesday afternoon.
At the time of writing, Bitcoin was trading at $66,023.
The rise follows ProShares’ Tuesday launch of its Bitcoin futures ETF (NYSE:BITO) on the New York Stock Exchange. The ETF, which won approval from the U.S. Securities and Exchange Commission only last Friday, surpassed $500 million in trading volume within its first two hours of operation.
Bitcoin’s previous all-time high price was $64,863, which it reached on Apr. 14, 2021. It suffered an intense correction over late spring and early summer, briefly dipping below $30,000 in late July. However, the flagship cryptocurrency enjoyed steady gains throughout August before receding slightly in September and then resuming its upward momentum in October. It’s rallied in recent weeks, up 48% this month.
Bitcoin has come close to breaking its previous high on several occasions over the last few days amid increased fervor in the market. Ethereum, the second-largest cryptocurrency, has also shown strength in the same period.
At current prices, Bitcoin’s market cap is now about $1.2 trillion. It holds roughly 47% dominance over the market.