The price of bitcoin has risen to a new six-month high on Friday morning, spurred on by a report that the announcement of an exchange-traded fund (ETF) is imminent.
The cryptocurrency is now trading at just under $60,000 – less than $5,000 away from its all-time high – having risen by nearly 40 per cent since the start of October.
Ethereum (ether) has also seen significant gains in recent days, rising by more than 5 per cent over the last 24 hours.
Dogecoin also shot up by nearly 10 per cent on Thursday after Elon Musk once again tweeted his support for it. These price increases have pushed the overall crypto market cap above $2.37 trillion, overtaking the world’s most valuable company.
The recent surge has reinforced the beliefs of some crypto analysts, who predicted earlier this year that new record highs would be seen before the end of 2021.
We’ll have all the latest news, analysis and expert price predictions right here.
Crypto expert predicts price ‘frenzy’
Bitcoin is set for more short-term gains and possibly even a buying “frenzy”, according to one crypto expert.
We’ve heard from Greg Waisman, co-founder and COO at the global payments network Mercruyo, who believes today’s ETF news could provide the next major leg up for the market that will push bitcoin to a new all-time high.
Waisman this could come within the next couple of weeks, before climbing a further $10,000 before the end of the year. Here’s what he had to say:
Anthony Cuthbertson15 October 2021 11:06
Bitcoin price set for record-breaking end to 2021?
October has historically been a positive month for bitcoin, averaging 13 per cent gains since 2011, though this is just a fraction of the price increase typically seen in November.
With nearly a 40 per cent price rise in October already, bitcoin is vastly outperforming the precedent.
Anthony Cuthbertson15 October 2021 10:45
Crypto analysts react to bitcoin ETF news
You can read the full story of the long-awaited bitcoin futures ETF right here, which includes analysis from crypto experts about what this news means for the space.
We’ll be getting more reaction throughout the day from analysts, as well as expert price predictions for bitcoin and the rest of the cryptocurrency market. Could we be in for a record-breaking end to 2021? It would take only one more sudden surge, like the one we saw earlier this morning, for BTC to hit a new all-time high – though some are warning that mania could once again be creeping into the market, signalling a dip could also be on its way at some point.
Anthony Cuthbertson15 October 2021 09:10
Bitcoin price surges, closing in on record high
The price of bitcoin is now less than $5,000 away from its all-time high, after suddenly shooting up from below $57,000 to close to $60,000 on Friday morning.
The gains come off the back of a report that the US Securities and Exchange Commission (SEC) is set to approve the launch of a bitcoin exchange-traded fund (ETF).
This would be a massive step forward for bitcoin and cryptocurrency investors, who have been calling for a bitcoin ETF approval for years.
The official Twitter account from the SEC’s investor education office also hinted that an announcement was imminent, tweeting about the risks of trading bitcoin futures contracts.
Anthony Cuthbertson15 October 2021 06:51
Dogecoin price spikes after Elon Musk tweets
Elon Musk has once again sent the price of dogecoin soaring after trading tweets with the cryptocurrency’s founder, Billy Markus.
The meme-inspired crypto shot up nearly 10 per cent after Musk replied with the ‘100’ emoji after Markus tweeted, “if you don’t run a dogecoin node, you are satan”.
The centibillionaire also posted a crying face emoji to a meme posted by Markus, inspired by hit Netflix show Squid Game.
As the richest person in the world, Musk revealed earlier this year that beyond Tesla stock and his share of ownership in SpaceX, cryptocurrency is the only thing of significant value that he owns.
The only ones he has admitted to personally owning are bitcoin, Ethereum (ether) and, you guessed it, dogecoin.
Anthony Cuthbertson14 October 2021 15:04
How bitcoin and crypto market stack up
After overtaking the market value of Apple today, we put this chart together to see how the cryptocurrency market stacks up against the top 10 leading assets.
Accounting for nearly half of the global crypto market cap, bitcoin ranks above Facebook, Tesla and Berkshire Hathaway in the top 10.
No included on this chart are precious metals, but if they were gold would be way out in front with a market cap of more than $11 trillion. Silver would also rank 7th on the list, just ahead of bitcoin with a market cap of $1.31 trillion.
Anthony Cuthbertson14 October 2021 13:28
Crypto market value overtakes Apple
The cryptocurrency market is now worth more than the world’s most valuable company.
Bitcoin’s price surge, combined with gains from Ethereum (ether), Cardano (ada) and Ripple (XRP) over the last few hours has pushed the overall crypto market cap up by 5 per cent.
This puts it at $2.37 trillion – roughly $40 billion more than Apple.
Bitcoin alone is now closing in on the market cap of silver, with analysts making comparisons to the astonishing price increase that it experienced in 2013.
You can read the full story here.
Anthony Cuthbertson14 October 2021 12:01
Bitcoin price shoots up as ‘institutional investors return’
Bitcoin is once again on the ascendency, hitting a fresh five-month high on Thursday morning after a brief moment of price consolidation in the middle of the week.
The overall crypto market has also shot up, with an increase in value of around 5 per cent since this time yesterday. That equates to more than $100 billion.
We’ve heard from the UK head of the Luno cryptocurrency exchange this morning, who offers his thoughts on why bitcoin and other leading cryptocurrencies are surging.
Anthony Cuthbertson14 October 2021 08:51
Bitcoin price slides but Binance Coin skyrockets
The price of bitcoin has now slipped below $55,000, though other leading cryptocurrencies are seeing a major resurgence.
Binance Coin is now up more than 16 per cent since this time yesterday, while Polkadot and Uniswap are both up by more than 7 per cent.
The latest gains have pushed Binance Coin’s price above $450 – less than $200 away from its all-time high – and means its market cap is now close to $80 billion.
The reason for the price surge appears to be the introduction of a $1 billion fund that Binance claims will be “the biggest growth fund in the history or crypto”.
Anthony Cuthbertson13 October 2021 11:24
US overtakes China for bitcoin mining
For the first time ever, the US has overtaken China to become the top destination for bitcoin miners.
New data from the Cambridge Centre for Alternative Finance shows that one third of bitcoin’s hashrate is now in the US, following a 428 per cent increase since September 2020.
The shift comes after China’s massive crackdown on mining operations in the country, which wiped out roughly half of all bitcoin miners.
Cheap energy and vast renewable power sources has made the US an attractive destination for miners, though it still doesn’t command the same dominance in the sector as China once did. Analysts see the spreading out of market share as a major positive for bitcoin and should ultimately reduce big price fluctuations as no single country can have a significant impact on the sector through introducing new legislation.
Anthony Cuthbertson13 October 2021 09:51