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Despite the massive market crash in May, Bitcoin has finally reclaimed its former glory. The cryptocurrency’s price shattered its previous all-time high earlier today and is now trading just short of $67k. The crypto community is rallying in response, and they expect far-greater highs before the end of the year.
Bitcoin to the Moon
According to price data from CoinGecko, Bitcoin’s price rested at $64 549.73 at 9:40 am EST this morning. It had spent the night trading within the upper 63-thousand and lower 64-thousand-dollar range. This was just short of its previous all-time high in May of $64,895.22.
Shortly afterward, the price shot up rapidly, easily breaking through the $65k and $66k markers. As early as 10:10 am, it was already trading at $66 812.68. It even briefly broke $67 200 around 11 am, before receding slightly below $67k again. At the time of writing, the price shows no signs of stopping its climb.
Indicators that Bitcoin would break its previous high have abounded in the last few days. Due to increased Bitcoin supply since May, the currency had already reached its highest market cap ever on Tuesday. Its price had also already reached its all-time high when denominated in other currencies, including Euros, Lira, and Yen.
Furthermore, the recent approval of a Bitcoin ETF in the United States has brought both optimism and exposure to the space. After its first trading day, ProShares’ ETF reached the second-highest first-day trading volume in NYSE history.
The Previous High: Then VS Now
Bitcoin’s earlier this year caught many – including Bitcoin bulls – by surprise. Elon Musk’s comment primarily drove its early price climb that Tesla invested billions of dollars in Bitcoin.
However, Months later, Musk also announced that Tesla would no longer accept BTC for car purchases, citing environmental concerns. Combined with China’s Bitcoin mining ban, the price tumbled by more than 50% within hours. It took until July for Bitcoin to re-emerge past $40k.
However, Bitcoin regained its upward momentum in October, when it surged by 35% within a week. Furthermore, specific indicators show that the nature of this climb is different from early this year. Therefore, JP Morgan believes that institutions are responsible, reallocating their portfolios from gold to Bitcoin as an inflation hedge.