Bitcoin Hits $63K Due to Recent ETF Developments: BTC Dominance at 3-Month High

Kavya  |  Oct 16, 2021

The latest events in the United States suggesting that a Bitcoin ETF is on the horizon hit the cryptocurrency above $63k a few hours ago. Most cryptocurrencies have failed to follow their leader north, and BTC has achieved a near three-month high in dominance.

Bitcoin Fell By $2000 From Its All-Time High

Just three days earlier, on October 13th, the principal digital asset fell below $55,000 after being rejected at the $58,000 mark. In the days that followed, the situation soon shifted, and BTC rose to new multi-month highs.

Bitcoin first approached $58,000 again, but after a few more tries, it was firmly able to exceed it. This comes amid speculations that Bitcoin Futures  ETF might be launched in the United States as soon as next week. 

While the Securities and Exchange Commission has yet to provide an official statement, the speculations increased on Friday, propelling BTC to new heights. 

This time BTC surpassed $60,000 and continued to rise. This culminated only hours ago when the asset came within a hair's breadth of $63,000 or approximately 3% of its all-time high of $65,000 established in April.

BTC has retraced a few thousand dollars as of today, but it is still far above $60,000, with a market value of more than $1.150 trillion. Its dominance over cryptocurrencies has reached a near three-month high of 47 percent, with the majority of them trailing behind.

ETH Eyes $4K: DOT Increases by 7%

As previously stated, most alternative coins have recently lost value versus Bitcoin, although they are still considerably ahead of the dollar. Ethereum fell below $3,500 a few days ago but is again trading at $3,900.

On a 24-hour basis, Binance Coin (3.5%), Cardano (1.5%), Ripple (1%), Dogecoin (3.5%), Terra (1 %), and Litecoin (4%) have all made gains.

Polkadot has surpassed all others, rising 7.5% to moreover $43. This happened only a few days after the project made a big announcement about its parachains.

Solana is the only top 10 currency that has seen a significant price loss since yesterday, with a 3% dip to below $160.

More increases from The Graph (17%), Amp (15%), NuCypher (10%), and ICP (8%) pushed the crypto market size temporarily beyond $2.5 trillion. 

As a result, the measure was only millimeters away from setting a new all-time high.

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