Bitcoin has Risen in Price by $3K in One Hour and Updated its All-Time High Once Again
The price of Bitcoin, the first cryptocurrency, reached $69,000 after the release of data about the highest inflation rate in the United States.
On November 10, Bitcoin rose in price by more than $3,000 to a new all-time high of $69,000. On the LATOKEN crypto exchange, you can buy Bitcoin for about $68,245.
The price of Bitcoin rose rapidly after the US Department of Labor reported that consumer prices in the country increased by 6.2% in October 2021. This is the maximum since November 1990, when inflation was 6.3%.
Following Bitcoin, the largest altcoins in terms of capitalization also rose in price. For example, the price of Ethereum increased from $4,690 to $4.836 thousand. The overall valuation of the crypto market again exceeded $3.1 trillion.
The last wave of growth in the value of Bitcoin started at the end of October 2021. In October, the first exchange-traded fund (ETF) based on Bitcoin futures was launched in the United States. Bitcoin Strategy ETF (BITO) trading started on October 19 on the New York Stock Exchange (NYSE).
In the first two days of trading, assets under the management of the Bitcoin fund exceeded $1 billion. The fund broke the record for the growth rate to $1 billion, which was held for 18 years. Until that moment, the leadership belonged to the “gold” exchange-traded fund (ticker GLD) — it managed to reach $ 1 billion in three days in 2004.
In early November, large bitcoin holders (who have from 10,000 to 100,000 thousand BTC), increased their investments by $2.8 billion in just five days. During this period, large players bought 43 thousand BTC.
Analysts of the Santiment service suggested that the active period of cryptocurrency accumulation could cause its marked jump by $3,500 in the early morning hours of November 8. In 25 days, large investors bought 93,000 Bitcoins.
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LATOKEN crypto exchange does not provide any investment, tax, legal, or accounting advice. This article is written for informational purposes only. Like other assets, cryptocurrency is subject to market risk. Please do your own research and trade with caution.