Expert: “The autumn of 2017 has not been repeated for Bitcoin“

BTC price has far exceeded the high set in April, and experts say the currency is well on its way to hitting the $ 100,000 threshold.

“Cryptocurrency investors bought rumors but not facts,” commented financier Craig Erlam (based in the UK). He mentioned the “buy rumors, sell facts” phenomenon when investors buy massively based on positive information that has not yet materialized.

But if the truth isn’t as expected, many investors could sell off massively, causing asset prices to plummet.

“But investors continued to buy after the ProShares Bitcoin Strategy ETF – the first US-listed Bitcoin ETF (swap traded fund) – began trading,” he said.

According to CoinMarketCap data from October 21, BTC price has officially set a new record in the past 24 hours 66,930 USD/ dong, high break near 65,000 won USDReached / dong on April 14th.

On the evening of October 20, the BTC rate set a new record at USD 66,900 / dong. Bitcoin far surpassed the old high of almost $ 65,000 / dong in April. Photo: CoinMarketCap.

Autumn 2017 will not repeat itself

The world’s largest cryptocurrency will be traded on October 21 at 6:00 p.m. 65,800 USD/ dong, 3.01% more than the day before. Rising momentum increases Bitcoin’s market capitalization 1,240 Billion USD.

The BTC price peaked after weeks of strong price gains. In the last 7 days the price has increased by more than 14%. Bitcoin is up 128% since the start of the year.

Other cryptocurrencies also rose in price. The price of ether – the second largest cryptocurrency – is up 11.75% from the previous day 4,300 USD/Copper. Ether’s market capitalization has reached 508 Billion USD. Since the start of the year, this coin is up 482%.

Meanwhile, the prices of Binance Coin and Cardano – the third and fourth largest coins – saw their prices rise 1.44% and 7.37%, respectively. The total capitalization of the cryptocurrency market reached 2,680 Billion USD.

After the Bitcoin price hit the $ 67,000 / dong threshold on the evening of October 20 (Vietnam time), the price fell to $ 65,800 / dong, up 3.01% from the previous day. Photo: CoinMarketCap.

“This is a turning point for the crypto space. BTC and others are well on their way to becoming mainstream financial assets, ”explains financial expert Erlam.

“It appears that the listing event of the first BTC ETF did not spark a wave of profit-taking among investors,” he said.

“Usually, in situations like this, a major event will set in that fuels a frenzied rally. This is followed by massive profit-taking, such as an appointment to introduce futures. Hybrid BTC in 2017, ”shared Mr. Erlam.

“Followed by a serious crash. However, the 2017 scenario does not seem to repeat itself this time, ”he affirmed. “It is difficult to imagine that the price of Bitcoin will not move up in the coming months,” added the expert.

An ETF is an open market asset that mimics the movements of a benchmark index, such as a stock index, and is open to all investors.

On the way to the milestone 100,000 won USD

During trading on the New York Stock Exchange (NYSE) on October 19, the ProShares Bitcoin Strategy ETF became the second most traded fund stock in history. Observers see this as an important milestone for cryptocurrencies.

In the meeting on October 19, the ProShares Bitcoin Strategy ETF gained almost 5% with over 24 million fund certificates traded and reached a value of approx. First Billion USD.

“The crypto industry has been trying to develop an ETF since 2013. The SEC approval of a Bitcoin ETF was a turning point for the crypto industry and the impetus for a wave of investments in this asset class,” commented Edward Moya, financial expert at consulting firm Oanda (USA) .

Additionally, in his opinion, Grayscale Investments has taken a big step forward by converting a Bitcoin fund into a spot ETF. “That means we could see another ETF going public in a few months,” added Moya.

According to the Oanda expert, Bitcoin has come a long way to return to record levels. In July the price sometimes fell to the level of 30,000 won USD/Copper.

“However, Bitcoin has overcome regulatory and environmental concerns. A successful Bitcoin ETF offering and many other funds will follow. Investors are also looking for Bitcoin as a hedge against the risk of inflation,” said Moya.

“Bitcoin has returned to strong momentum. The coin is near the threshold 100,000 won USD/ dong more than level 30,000 won USD/ dong, “confirmed the expert.

According to him, if the global energy crisis is resolved soon, Bitcoin can fully penetrate the brand 100,000 won USD/Copper.

Thao Cao

ZING