Bitcoin has started the workweek with some healthy gains. At press time, the largest cryptocurrency by market cap is trading at $62,449.69 (+2.96%), according to CoinMarketCap.
Chart of the USD/BTC trading pair from EXANTE
For its part, Ether has fallen to $3,869.14 (-0.64%), while Binance Coin has increased by 1.65% and is now trading at $474.54.
The US Securities and Exchange Commission (SEC) has recently approved ProShares' application to launch the Bitcoin Strategy ETF. Trading is scheduled to begin today.
The underlying asset of the fund will be Bitcoin futures on the Chicago Mercantile Exchange (CME).
The meeting of the five SEC commissioners on the ProShares fund took place last Friday, October 15. However, the approval conclusion is based on the updated prospectus and the expiration of the 75 days allowed for consideration of the application. Since the department did not reject it in time, this is considered a clearance, although the Commission has not delivered it publicly.
FxPro's team of analysts say:
"Bitcoin has posted a 3% increase over the past 24 hours and is trading at around $62,200. Over the past week, the coin has recorded a 10% increase. Therefore, not only has it surpassed the round level, but the currency has also been able to confidently entrench itself above this important psychological barrier. Bitcoin is just a few steps away from its all-time high.
The growth is believed to be based on the anticipation of the launch of the first Bitcoin ETF in the US. ProShares' application has received SEC approval and trading will begin early this week.
The total market capitalization of cryptocurrencies has soared to $2.5 trillion, while Bitcoin's market cap is approaching $1.2 trillion. In the context of the high demand for the crypto, the Bitcoin dominance index has reached 47%. Meanwhile, the greed and fear index of Bitcoin and the largest cryptocurrencies has reached 78 points, which corresponds to the 'extreme greed' area.
In theory, there is still room for growth, however, this is becoming increasingly limited, and there may be a lot of resistance ahead for the currency even near current levels, as many market participants consider what is currently happening to be a very good time to take profits."
According to CoinMarketCap’s ranking, 6 currencies on the top 10 are in red.
As for the market cap of all currencies listed in CoinMarketCap, it stays at $2,507,368,580,813.
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