Bitcoin price touched a six-month high after first-ever exchange-traded fund of Bitcoin had started trading on the New York Stock Exchange on October 19. The ProShares Bitcoin Strategy ETF on NYSE Arca, owned by Intercontinental Exchange Inc, listed under the ticker BITO on October 19. Bitcoin, world’s biggest cryptocurrency, rose 2.70 per cent in the last 24 hours, to $63,888.64 at 0840 hours on October 20, according to coinmarketcap.com.
“The cryptocurrency market is heating up. Over the past 24 hours we witnessed Bitcoin inching towards its previous all-time high. With the current momentum in the market being strongly bullish, most of the altcoins replicated a similar remove. Over the coming 24 hours, investors would be closely tracking the support levels and the number of of put to call ratio. The markets are poised for a volatile move in either direction as the bulls and the bears remain entangled in a tug of war. The technical indicators point to an increased volatility," said Edul Patel, chief executive officer and co-founder, Mudrex, a global crypto trading platform.
The world’s largest cryptocurrency has been on a steep rise ahead of the the listing of the first bitcoin futures-based US exchange-traded fund. Bitcoin gained 13.55 per cent in the last seven days.
Among the top 20 cryptocurrencies by market capitalisation, the meme-coins, Dogecoin and Shiba Inu, had a relatively sluggish day. The total traded volumes dropped by almost 15 per cent over the previous day