Home Bitcoin News Bitcoin Capitalization exceeded $1 trillion for the first time since May

Bitcoin Capitalization exceeded $1 trillion for the first time since May

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Crypto News

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On Monday, October 11, the quotes of the first cryptocurrency broke the $57,000 mark at the moment. The capitalization of the asset exceeded $1 trillion (CoinGecko).

For the first time, the indicator reached this level in February 2021, when the price of the coin rose above $ 53,000.

At the time of writing, digital gold is trading around $56,500.

Bitcoin Capitalization exceeded 1 trillion for the first time since
The BTC/USD hourly chart of the Binance exchange. Data: TradingView.

The driver is the expectation of bitcoin approval-ETF – in August, Bloomberg experts predicted approval SEC the instrument by the end of October. At the same time, the head of the Commission, Gary Gensler, said that a fund based on bitcoin futures traded on CME and the provisions of the Investment Companies Act of 1940 could receive approval.

The relevant applications were submitted by Valkyrie Investments, VanEck, Invesco, ProShares, Galaxy Digital and AdvisorShares. The BlockFi cryptolanding platform has become the seventh in a row.

BTC dominance index — 43.8%, ETH – 17.4%. Over the past day, the price of the second largest cryptocurrency by capitalization has increased by 0.4%. At the time of writing, the coin is trading at $3606.

The remaining assets from the top 10 reacted poorly to the growth of bitcoin:

1633949124 733 Bitcoin Capitalization exceeded 1 trillion for the first time since
Data: CoinGecko.

Earlier, analyst Michael van de Poppe suggested that “altcoins have not yet entered the game.”

$ETH / $BTC breaking down, while #Bitcoin consolidating.

I’m assuming #Bitcoin continues, while #altcoins are not getting the game yet.

— Michaël van de Poppe (@CryptoMichNL) October 10, 2021

The expert allowed the growth of Ethereum to $15,000-$20,000 in the first quarter of 2022.

#Ethereum to $15,000-20,000 in Q1 2022 too.

— Michaël van de Poppe (@CryptoMichNL) October 10, 2021

According to Glassnode, open interest in bitcoin futures increased by $5.6 billion during October — this figure is 45% higher than the September lows.

#Bitcoin futures open interest climbed by $5.6B through October, up 45% since the September lows.

Whilst elevated, the $17.6B in open interest is lower than the $22.5B worth of contracts last time prices were trading at $56k.

Live Derivatives Dashboard: https://t.co/9LWgmCl9Hk pic.twitter.com/1ve2nT2DuJ

— glassnode (@glassnode) October 11, 2021

On October 10, investor Kevin Rook noticed that the total cost of transactions per day on the bitcoin network set a new record — $31 billion. Since the beginning of the year, the indicator has increased 40 times.

Earlier, JPMorgan analysts cited the interest of institutions, the growing popularity of the Lightning Network micropayment network, as well as the assurances of the US authorities about the lack of intentions to ban cryptocurrencies as the reasons for the local rally of digital gold.

Recall that the head of the financial holding Jamie Dimon allowed bitcoin to grow tenfold, but refused to buy it.

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