Bitcoin has broken its former all-time high and is now officially looking at price discovery. This comes on the back of serious developments in the industry – just today, the first-ever SEC-approved futures-backed Bitcoin ETF started trading.
The previous all-time high of Bitcoin’s price was set on April 14th, 2021 and it was at $64,895 trading on Bitstamp exchange – exactly 6 months and 6 days ago. As of writing these lines and shortly after breaking the ATH level, Bitcoin quickly reached a record high of $66,415.
It’s worth noting that Bitcoin is up over 100% in the past couple of months alone – since the drop in July that took the price below $30,000 briefly,
With this said, the current rally looks to be more sustained than the one that led up to the previous all-time high for a number of reasons.
Right off the bat, long-term holders, as well as miners have been in steady accumulation mode and have shown little to no serious intentions of selling, as per on-chain analysis.
Another very important consideration is the BITO ETF – the first-ever futures-backed Bitcoin ETF approved by the US Securities and Exchange Commission (SEC).
As CryptoPotato reported earlier, the ETF by ProShares opened particularly well and saw shares worth almost $1 billion traded in its first day on NYSE.