- The euphoria around the Bitcoin ETF launch has helped the overall crypto market to reach historic high levels.
- Ethereum (ETH) too follows up with the Bitcoin rally reaching closer to its all-time high.
Amid all the craze surrounding Bitcoin (BTC), the overall crypto market is trading at historic high valuations of $2.63 trillion. Amid the blockbuster debut of the ProShares Bitcoin Strategy ETF, the BTC price skyrocketed all the way to an all-time high of $67,000 on Wednesday, October 20.
Over the last twenty days, the cryptocurrency market has added a record $750 billion to its market cap. Of course, Bitcoin remains the biggest contributor to this adding more than $400 billion. After hitting its all-time high on Wednesday, Bitcoin has seen a partial retracement and is currently trading at $65,361 with a market cap of $1.228 trillion.
The ProShares Bitcoin ETF has witnessed record interest in the first two days of launch. Its total assets have crossed $1 billion in just two days making it the fastest ETF fund to reach these levels. It has also managed to beat the Gold Bitcoin ETF record of 3 days launched 18 years back in 2004. Thus, it further cements the narrative that Bitcoin is emerging as an alternative to Gold.
— Eric Balchunas (@EricBalchunas) October 20, 2021
Furthermore, billionaire investor Paul Tudor Jones also predicts that Bitcoin would emerge as a great hedge against inflation. Speaking to CNBC on Wednesday, October 20, he said:
Bitcoin would be a great hedge. Crypto would be a great hedge. There’s a plan in place for crypto and clearly, it’s winning the race against gold at the moment … I would think that would also be a very good inflation hedge. It would be my preferred one over gold at the moment.
Altcoins join the party
Amid the solid run-up to the crypto market’s all-time high valuations, the altcoins have also joined the party. Earlier this month, we have seen Shiba Inu (SHIB) making solid gains while taking the altcoin space by storm.
But during the recent run-up to an all-time high, some of the top-performing altcoins have also joined. The world’s second-largest cryptocurrency Ethereum (ETH) has surged past $4200 levels moving closer to its all-time high. As of press time, Ethereum (ETH) is trading at $4201 levels with a market cap of $495 billion.
On-chain data provider Santiment reported that the recent ETH price rally comes amid strong whale accumulation over the last 10 weeks.
🐳 #Ethereum's top addresses have accumulated $ETH steadily since early August, and it's no surprise to see the #2 asset approaching an #AllTimeHigh of its own. In the past 10 weeks, addresses with 1M to 10M $ETH have accumulated 13.9% more to their bags. https://t.co/OUccwGBDKC pic.twitter.com/tJpZiN5B9Y
— Santiment (@santimentfeed) October 21, 2021
One of the other top-ten performing altcoins along with Ethereum is Solana. The SOL price has gained 16 percent in the last 24-hours and is currently trading at $186 levels with a market cap of $55.9 billion. This also helps Solana become the sixth-largest cryptocurrency by market cap. similarly, Polkadot (DOT) has added another 5 percent gains and is trading at $43.65.
There have multiple predictions by analysts that the Bitcoin price will hit $100K levels by the year-end. If this happens, we could also be seeing an altcoin season following soon.