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The cryptocurrency Bitcoin (BTC) has now hit its new all-time high, squeaking over its previous high of around $62, 000 and barreling towards new records. While the price keeps fluctuating – as crypto is going to do – it continues to prove that the currency is going nowhere any time soon.
Bitcoin is currently seeing a 5.58% 24-hour growth, with the lowest being 61, 424.44 and the new 24-hour highest being 66, 974.77.
Reasons for the current rise in the coin is that ProShares, a company that specializes in ETF (exchange-traded funds), allows people to trade with Bitcoin without actually handling the cryptocurrency themselves, leaving it in the hands of the ETF company involved as a sort of ‘middle-man’ service. It can be then traded exactly as any traditional investment might be, including short-selling.
With the investment being more accessible and not actually having to deal with cold wallets, security, or anything like that, it seems the prices we’re seeing today are directly related.
For more on ETFs and how it’s affecting Bitcoin, we have a full article.
The debut of a successful ETF could actually see more rise from the ranks, as ProShare prove that the concept works within the crypto-space. It could very much be a new method for people to perform a ‘cash and carry’ strategy, where the investor can potentially profit from the mismanagement that naive ETFs might run into as the wild fluctuations in cryptocurrency persist across the board.
It could also bring about futures contracts to the cryptocurrency, where you make a deal to buy an asset at a price and date that is predetermined with minimal ways to actually change it. Doing so now and if the price were to crash or grow exponentially, could cause people to either be out or in on a lot of cash in the near future.
Bitcoin doesn’t get bought by the coin, but up to 8-decimal places, called a ‘satoshi’, named after the enigma who created the coin back in 2009. So to buy an entire Bitcoin would cost $66K, while those who got in early are those you hear who have made a fortune from what was once an oddity used to buy pizzas.
PlanB, an anonymous Dutch analyst predicted back in June that the price would be around $63K after Elon Musk singlehandedly began to tank the cryptocurrency via a tweet. PlanB’s predicted growth of the coin is six figures in December.