The bitcoin price is currently hovering around $67,000 and is poised to hit another record high in the near term, according to data. Who could have predicted the astonishing recovery from $30,000 to $67,000 (the growing rate reach up to 116%) in less than three months? This only explains the power of bitcoin in the crypto market and the strong fundamentals behind it.
Bitcoin price has risen more than 9 percent since the beginning of November. Given the consolidation BTC experienced the previous week, such a price increase is commendable. That boosted hopes among long-term bitcoin investors and holders, most of whom believe that the $100k price target is likely to be reached by the end of the year.
A fundamental driver that could send BTC price higher or even push it up to a new all-time high could be the launch of the bitcoin ETF, which is currently awaiting approval from the US Securities and Exchange Commission. To back the above thesis, we checked recent history, it appears that after ProShares launched its first bitcoin futures ETF, the price of bitcoin skyrocketed, hitting a new ATH of about $67k. If the BTC ETF is approved and publicly traded on the U.S. stock market, BTC can easily set its next ATH at around $75,000.
In addition, digital currency investment service Grayscale Investments is applying for its own ETF. SEC has confirmed the application on November 2 and will make the judgment within 40 days (by Dec.12). If the SEC approves the proposal, Grayscale will launch its first bitcoin ETF, which would add more credibility to the digital asset field.
The average cost of mining a bitcoin is about $5,000, instead of buying one directly, and mining earnings are rising as bitcoin price rises. Therefore, more and more institutions are becoming interested in cryptocurrency mining and want to be able to enter this market.
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