• Bitcoin price is trading within the upper range of the November 2021 supply zone as crypto markets rally.
  • BTC could reclaim its $69,000 peak, a level last seen in November 2021, with the potential for an extension to $70K.
  • The pioneer crypto’s market capitalization has already set a new record, breaching the $1.3020 billion threshold.

As Bitcoin (BTC) price continues to soar, the market capitalization of the pioneer cryptocurrency has also taken a bold leap. It comes ahead of the BTC halving but the current euphoria has been instigated by spot BTC exchange-traded funds (ETFs).

Also Read: Crypto’s controversial influencer sees Bitcoin price crash to $45,000, blames it on high interest rates

Bitcoin market capitalization sets new record

Bitcoin (BTC) price is trading with a bullish bias, reaching for the $69,000 all-time high as cryptocurrency markets flash green. While BTC is yet to reclaim its peak price, the pioneer crypto’s market capitalization has already hit a new milestone, breaching its November 2021 peak of $1.3020 billion.

The optimism in the Bitcoin market has seen BTC surpass Meta Platforms, the parent company of giant social media platform Facebook, in market capitalization metrics. Reports also indicate that BTC continues to dethrone currencies across the globe. 

Specifically, BTC has recorded a new all-time high in 70% (14 out of 20) of the G20 currencies. However, all eyes continue to watch its value against the US dollar (USD).

The host of CNBC’s Mad Money, Jim Cramer, attributes this to traders buying BTC as a hedge against fiat currencies.

Amid frothing trading activity in the market, Coinbase Exchange has crashed again, with users complaining of latency issues and zero balances. However, the platform’s customer support has assured users of the safety of their funds.

Also Read: Coinbase exchange down again as Bitcoin price nears all-time high

Crypto ETF FAQs

An Exchange-Traded Fund (ETF) is an investment vehicle or an index that tracks the price of an underlying asset. ETFs can not only track a single asset, but a group of assets and sectors. For example, a Bitcoin ETF tracks Bitcoin’s price. ETF is a tool used by investors to gain exposure to a certain asset.

Yes. The first Bitcoin futures ETF in the US was approved by the US Securities & Exchange Commission in October 2021. A total of seven Bitcoin futures ETFs have been approved, with more than 20 still waiting for the regulator’s permission. The SEC says that the cryptocurrency industry is new and subject to manipulation, which is why it has been delaying crypto-related futures ETFs for the last few years.

Bitcoin spot ETF has been approved outside the US, but the SEC is yet to approve one in the country. After BlackRock filed for a Bitcoin spot ETF on June 15, the interest surrounding crypto ETFs has been renewed. Grayscale – whose application for a Bitcoin spot ETF was initially rejected by the SEC – got a victory in court, forcing the US regulator to review its proposal again. The SEC’s loss in this lawsuit has fueled hopes that a Bitcoin spot ETF might be approved by the end of the year.

Bitcoin price outlook as BTC market cap peaks

Bitcoin price is trading within the upper midrange of the November 2021 supply zone between $60,522 and $67,525. If BTC manages a candlestick close above the midline of this range at $64,023, it would confirm the continuation of the uptrend.

This could set the tone for the continuation of the trend with BTC likely to reclaim the $69,000 peak. In a highly bullish case, the pioneer crypto could extend the gains to $70,000, marking a new all-time high.

BTC/USDT 1-day chart, BTC market capitalization 1-day chart

Conversely, profit-taking could see Bitcoin price drop, with the supply zone holding as a resistance order block. In such a turnout, BTC could revisit the $60,000 psychological level.

Also Read: Bitcoin Price Outlook: Will BTC foray higher as BlackRock BTC ETF nicks $10 Billion AUM?


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