Just hours after the launch of the first-ever Bitcoin Futures ETF in the US, the cryptocurrency came less than $500 away from painting a new all-time high. Although BTC has yet to do so, the cryptocurrency market cap of all digital assets has set a new record high of nearly $ 2.550 billion.
Bitcoin Eyes New ATH
The entire crypto community had its sight set on the Bitcoin Futures ETF launch in the United States in the past several days as multiple reports from last week claimed that the SEC will finally allow such a product to go live.
And, yesterday, October 19, ProShares’ BTC Futures ETF did indeed hit Wall Street with a record first 24 hour trading volume of $ 1 billion.
Bitcoin’s price reacted to these developments as it skyrocketed above $60,000 following the first reports and kept climbing to $63,000 during the weekend. It failed at first, but passed the ETF launch yesterday.
BTC continued upwards to an intraday high of $64,500. As a result, it fell less than 1% from its all-time high recorded in April at around $ 65,000.
Despite retracing to $64,000 as of now, BTC’s market capitalization stands north of $1.2 trillion. The dominance over the altcoins is at a two-month high at nearly 48%.
Crypto Market Cap Defines New ATH
As BTC closes its price records, most of the larger cap altcoins stayed behind and watched. Ethereum is slightly higher on this day and topped $ 3,850.
More minor gains come from Ripple, Polkadot, and Avalanche. Terra is the only substantial gainer, with a 6% increase to $38. The others marked minor losses, including Binance Coin, Cardano, Solana, Dogecoin, Uniswap, and Litecoin.
More fluctuations are evident from the lower- and mid-cap alts. OKB leads the way with a 24% rise to $ 23, followed by Huobi Token (11%), Hedera (10%), KuCoin Token (9%) and Cosmos (8%).
Ultimately, the cumulative market capitalization of all cryptocurrencies saw a new record of just under $2.550 trillion hours ago.
