2021-10-18 02:38:55

Bitcoin surges towards record high, ether, dogecoin, other cryptos gain

Bitcoin price today surged above the $62,000 mark as a Bloomberg report suggested that the first US Bitcoin Futures exchange-traded fund (ETF) may debut as soon as on Monday. The world’s largest cryptocurrency approaches its all-time high of near $65,000 it had hit in April. It had surged past the $60,000 mark on Friday after nearly six months.

“Bitcoin has been on a tremendous bull run since more than a week. BTC rallied close to the $63K mark ahead of speculation regarding the Bitcoin Futures ETF launch on Monday. BTC has broken out of the channel pattern and we can expect the momentum to continue into the week ahead. The next resistance is expected at $63.3K,” said Siddharth Menon, COO of WazirX.

Asset manager ProShares signaled plans to launch a Bitcoin futures exchange-traded fund as soon as Monday, an action that would end an eight-year wait for a security tracking the cryptocurrency on the U.S. stock market. Bloomberg News last week reported that the SEC isn’t likely to block the products from starting to trade.

Ether, the coin linked to ethereum blockchain and the second largest cryptocurrency, surged to $3,885. Cardano and dogecoin prices gained marginally. On the other hand, other digital tokens like Solana, Shiba Inu, Binance Coin also gained over the last 24 hours.

“Ethereum is yet to see a strong run as compared to BTC.. The trend of ETH/BTC is still in the descending channel pattern on the daily chart. Immediate resistance is expected to be at the $0.072 level, if broken, we could see a strong rally in ETH. Other altcoins may see a new bullish rally if Bitcoin continues to dominate,” Menon added.

Bitcoin has surged in recent weeks, fueled by speculation that a US launch could be imminent. The crypto’s price has more than doubled from its late July low.

(With inputs from agencies)

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