CryptoMarket

Bitcoin’s price dipped below $67,000, dragging Ethereum down with it

With the launch of the first BTC-ETF on the NYSE Arca market, Bitcoin has reached new heights. The most popular cryptocurrency in the world has surpassed $66,000 on Huobi, setting a new all-time high.

Bulls are marching boldly across the market, propelling Bitcoin to new highs. In this context, the crypto asset’s market capitalization has surpassed $1.255 trillion, and the overall market capitalization has surpassed $2.64 trillion, nearly 6% more than a day before.

The peak in capitalization was a watershed moment for cryptocurrencies, especially after a long summer slump that shook investor confidence. As a result, the overall market capitalization of Bitcoin fell to $1.2 trillion at the period when it fell to $30,000.

Many people feel that the adoption by the US SEC of ProShares’ first Bitcoin ETF, which is listed on the New York Stock Exchange under the ticker BITO, is the most recent stimulus for Bitcoin. According to CoinMarketCap, BTC rewarded the market with a new $66,930 ATH in celebration of the event.

On Huobi, the price of Bitcoin already surpasses $66,226 and shows no signs of declining. Meanwhile, the price of Ethereum has reached $4,069.

The enthusiasm among Bitcoin investors drew Ethereum along with it, causing it to break beyond the $4,000 barrier. Such signs of the second cryptocurrency were last seen in May of this year. The top 10 CoinMarketCap cryptocurrencies, except stablecoins, have all reached the green zone.

Compared to Bitcoin‘s 130 percent profit over the same period, Ethereum‘s recent surge raised its profitability by almost 450 percent from the beginning of the year to the current moment, impressing investors substantially.

If this continues, and Bitcoin’s upward trend continues, ETH’s holders will be able to benefit considerably more in the following sessions, hitting levels above $4,400.

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