Bitcoin Notches New Record High

Bitcoin has reached a new all-time high after seeing its value cut in half earlier this year.

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Reviewed by: Jessica Ferringer
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Edited by: Jessica Ferringer

Bitcoin has reached a new all-time high, breaking the prior record of $64,863 that had been reached on April 14, 2021. Cryptocurrency markets have been buoyed recently by enthusiasm over the launch of the first U.S. bitcoin futures ETF, the ProShares Bitcoin Strategy ETF (BITO), with more products anticipated.

After reaching the prior record high earlier in the year, cryptomarkets sold off. The price of bitcoin was chopped in half, briefly falling below $30,000.

Prices began to rebound in late July, and combined with the SEC’s long-awaited approval of a bitcoin ETF, helped to bring the cryptocurrency to a new all time high on Oct. 20.

Source: Coindesk

 

Though not perfectly correlated, Ethereum prices have often moved in line with Bitcoin. Ethereum’s all time high currently stands at $4,356.99, having been reached on May 12, 2021. As of now, the coin has yet to make a new record high but is closing in, currently trading at $3,978.67.

 

Source: Coindesk

 

Contact Jessica Ferringer at [email protected] or follow her on Twitter

Jessica Ferringer, CFA, is a writer and analyst for etf.com. She has 10 years of experience in investment research and due diligence, including helping to manage ETF portfolios. Jessica has a bachelor’s degree in economics from Lafayette College and an MBA from the University of Pittsburgh.