{"id":13070,"date":"2021-10-11T16:54:14","date_gmt":"2021-10-11T16:54:14","guid":{"rendered":"https:\/\/www.buyucoin.com\/crypto-labs\/bitcoin-skyrockets-above-57k-recaptures-trillion-dollar-market-cap-double-digit-weekly-gains\/"},"modified":"2021-10-11T16:54:14","modified_gmt":"2021-10-11T16:54:14","slug":"bitcoin-skyrockets-above-57k-recaptures-trillion-dollar-market-cap-double-digit-weekly-gains","status":"publish","type":"post","link":"https:\/\/www.buyucoin.com\/crypto-labs\/bitcoin-skyrockets-above-57k-recaptures-trillion-dollar-market-cap-double-digit-weekly-gains\/","title":{"rendered":"Bitcoin Skyrockets Above $57K, Recaptures Trillion Dollar Market Cap, Double-Digit Weekly Gains"},"content":{"rendered":"

The price of bitcoin continues to climb higher as the crypto asset has captured over 19% in gains during the last seven days. Bitcoin tapped a daily high on Monday reaching $57,678 per unit, jumping 4.4% in the last 24 hours. <\/strong><\/p>\n

Bitcoin Outperforms the Pack as Speculators Assume ETF Approval Is Coming<\/h2>\n

It seems crypto investors are more attracted to bitcoin (BTC<\/a>) in recent times as the crypto asset has been outperforming most of the top digital currencies in the last few days. On Monday, BTC<\/a> has jumped 4.4% in value and BTC<\/a> is the 14th-biggest seven-day gainer out of 10,000+ crypto-assets in existence.<\/p>\n

Much of the price increase has been attributed<\/a> to the possibility that the U.S. Securities and Exchange Commission (SEC) will approve a bitcoin exchange-traded fund by the month\u2019s end. While many investors see a bitcoin ETF approval as being positive, others have shared contrasting opinions<\/a> about the subject in recent times.<\/p>\n

Bitcoin (BTC<\/a>) has gained 19.3% during the last week and year-to-date, BTC<\/a> is up 410.3%. The price push has increased BTC<\/a> dominance as the metric has tapped 44.4% on Monday, while ethereum\u2019s (ETH<\/a>) market cap is 17.3%. With current prices above the $57K range, BTC<\/a>\u2019s market valuation is approximately $1,085,971,255,172, or just over $1 trillion.<\/p>\n

Tim Frost, CEO of digital wealth management platform Yield App told Bitcoin.com News in an investor\u2019s note that bitcoin is \u201cset to test all-time highs and break into six-figures.\u201d Frost spoke about the possibility of a bitcoin futures ETF getting approval and the recent approval of Volt Equity\u2019s long, indirect exposure ETF.<\/p>\n

\u201cAnalysts are predicting a potential cool off, with bitcoin potentially falling to the $40,000 support level before continuing on the upwards trajectory to test the previous all-time high of $65,000,\u201d Frost explained on Monday. He continued:<\/p>\n

A break of this level, in line with the stock to flow model, would likely see Bitcoin soar into the six-figure region and beyond toward the end of 2021 \u2013 a tantalizing prospect for investors hungry for that promised $100k level. Then, the approval of a Bitcoin futures ETF in the US would no doubt add rocket fuel to this already astronomical price target.<\/p>\n

US Dollar, Yen, Euro, Australian Dollar Bitcoin Pairs Swell<\/h2>\n

Meanwhile, the dominant pair with BTC<\/a> today is still tether (USDT<\/a>) as the stablecoin captures 60.35% of all BTC<\/a> trades on October 11. Tether is followed by USD (13.01%), BUSD (5.00%), JPY (4.07%), EUR (3.27%), and AUD (2.12%). Typically, when these three fiat currencies (JPY, EUR, AUD) have entered the top spots, markets are definitely more bullish.<\/p>\n

It is clear that other digital assets besides BTC<\/a> are not seeing the lifts they usually would see when bitcoin spikes to higher levels. Most alternative crypto assets are seeing mediocre advances while BTC<\/a> continues to outperform, holding on to its double-digit gains.<\/p>\n

What do you think about bitcoin\u2019s recent gains outperforming the pack of competitors? Let us know what you think about this subject in the comments section below. <\/strong><\/em><\/p>\n

Bitcoin News
\nMarkets and Prices, Bitcoin, Bitcoin (BTC), BTC gains, BTC Markets, Crypto markets, ETF approval, fiat currency, Gains, Market Performance, Market Update, Markets, Prices, Tether, Tim Frost, YIELD App<\/p>\n","protected":false},"excerpt":{"rendered":"

The price of bitcoin continues to climb higher as the crypto asset has captured over 19% in gains during the last seven days. Bitcoin tapped a daily high on Monday reaching $57,678 per unit, jumping 4.4% in the last 24 hours. Bitcoin Outperforms the Pack as Speculators Assume ETF Approval Is Coming It seems crypto…<\/p>\n","protected":false},"author":0,"featured_media":13071,"comment_status":"","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[53,3],"tags":[],"class_list":["post-13070","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-blockchain-news","category-coin-news"],"_links":{"self":[{"href":"https:\/\/www.buyucoin.com\/crypto-labs\/wp-json\/wp\/v2\/posts\/13070"}],"collection":[{"href":"https:\/\/www.buyucoin.com\/crypto-labs\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.buyucoin.com\/crypto-labs\/wp-json\/wp\/v2\/types\/post"}],"replies":[{"embeddable":true,"href":"https:\/\/www.buyucoin.com\/crypto-labs\/wp-json\/wp\/v2\/comments?post=13070"}],"version-history":[{"count":0,"href":"https:\/\/www.buyucoin.com\/crypto-labs\/wp-json\/wp\/v2\/posts\/13070\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/www.buyucoin.com\/crypto-labs\/wp-json\/wp\/v2\/media\/13071"}],"wp:attachment":[{"href":"https:\/\/www.buyucoin.com\/crypto-labs\/wp-json\/wp\/v2\/media?parent=13070"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.buyucoin.com\/crypto-labs\/wp-json\/wp\/v2\/categories?post=13070"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.buyucoin.com\/crypto-labs\/wp-json\/wp\/v2\/tags?post=13070"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}