The Bitcoin value was just over $450 short of setting a new all-time high.

Bitcoin is about to hit a new all-time high

BTC price reached $64,434 on the night of October 19 to 20, according to CoinMarketCap. For the last 24 hours, the trading volume was about $36,5 billion, and the asset price increased by 3,3%. The total Bitcoin market cap exceeded $1,2 trillion. 

The all-time high of BTC is $64,899 — such a price was recorded on Coinbase exchange on April 14, 2021. The rise in the value of the main cryptocurrency occurred after a successful trading session of the Bitcoin Strategy ETF (BITO) on the New York Stock Exchange (NYSE). The total turnover of BITO was about $1 billion, and the asset showed a 4,9% growth at the end of the session. Only LCTU, representing the BlackRock U.S. Carbon Transition Readiness ETF formed on the basis of shares of green energy companies, turned out to be more in demand.

Growth Promise Indicators

Three indicators most clearly express the ongoing trend:

  1. According to CryptoQuant, BTC stocks on trading floors fell to a three-year low. This is due to the recovery of Bitcoin after reaching a local low at the end of July.
  2. On-chain MVRV indicators and its derivatives point to the possibility of further growth of BTC. According to the Glassnode calculation cited by BeInCrypto, the current situation resembles the uptrend of 2017.
  3. According to Arcane’s The State of Lightning report, the Lightning Network, a second layer protocol built on Bitcoin, has seen explosive growth — it has almost tripled since early October. The number of public nodes has increased by around 900 and payment channels by 2,300. The network has a capacity of more than 3,000 BTC. According to LookIntoBitcoin, the network has more than tripled in the last year.
Author: Evgeny Tarasov