As a seasoned crypto investor who has witnessed the rollercoaster ride of Bitcoin since its inception, I must admit that the current bullish momentum is both exhilarating and slightly nerve-wracking. The price surpassing $68,000 is a significant milestone, reminding me of the highs we touched back in July, only to plummet in August.
Crypto-company stocks are rising following the passage of the $68,000 threshold by the value of Bitcoin, the leading digital currency.
Shares for the biggest Bitcoin-holding corporation, MicroStrategy (MSTR), have surged a notable 6.6%, while shares of the premier American cryptocurrency trading platform, Coinbase (COIN), have climbed by 5.4%.
Marathon Digital (MARA) and Riot Blockchain (RIOT), the leading Bitcoin mining firms, are experiencing gains as well (at 3.78% and 5.76% respectively).
At 14:14 UTC, the cost of the leading digital currency peaked to $68,490 on the Bitstamp trading platform during regular market hours.
Today’s price mark is the highest Bitcoin has reached since July 29. On that date, it soared up to $70,016, yet the bullish energy couldn’t be sustained.
On August 5th, Bitcoin’s price plummeted from around $70,000 to a low of $49,577 on the Bitstamp exchange, marking a significant drop of almost 30%. This steep decline came after a firm rejection at the higher price point.
Following a 8.74% decrease in August, Bitcoin surprisingly defied expectations and rose by 7.35% in September, which is typically a tough month for this leading cryptocurrency.
Initially, Bitcoin’s price movement in October was somewhat lackluster. Nevertheless, the bullish sentiment took over later in the month, causing Bitcoin to reach its highest point since late July.
As a researcher, I’ve noticed an intriguing spike in our “Fear and Greed” sentiment index, reaching 73 out of 100. This indicator seems to be moving towards the “extreme greed” zone, suggesting a heightened level of optimism among market participants.
CME Bitcoin futures open interest has also reached a new all-time high.
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2024-10-18 18:23