For the past few weeks, everyone has been talking about Bitcoin’s ATH. Crypto experts, financial analysts, and journalists from the cryptosphere are only talking about this: ATH, ATH, ATH!
For those new to the crypto world, here’s an explanation of this term that should remain popular in the coming days. ATH stands for ALL TIME HIGH. It’s simply the highest price ever reached by a cryptocurrency. At the time of writing this, on Tuesday, October 29, 2024, Bitcoin’s ATH is around $73,750 and was reached in March 2024.
If many people are talking about the ATH again, it’s because it’s about to be surpassed. That’s what many believe. Bitcoin is in a very positive dynamic just days before the US presidential elections.
It’s worth noting that Donald Trump, who is the favorite according to all polls and the renowned betting site Polymarket, is pro-Bitcoin and has never hidden his willingness to use Bitcoin and create an ecosystem around BTC if elected.
Let’s remember a few weeks ago when he used Bitcoin at a bar to pay for his drinks, putting a huge spotlight on the first cryptocurrency.
Let’s also not forget that Bitcoin is no longer, as it was a few years ago, an asset that scared off traditional financial players. Today, major Bitcoin ETFs are listed on exchanges like the CBOE (Chicago Board Options Exchange) and the NYSE Arca. Popular ETFs include those from Fidelity, Invesco Galaxy, ARK 21Shares, VanEck, among others.
Since their inception in January, the ETFs have collectively garnered $20.9 billion in net investments.
Source: Eric Balchunas / Senior ETF Analyst for Bloomberg.
Another factor explaining Bitcoin’s surge is the interest from large investment funds like BlackRock, the world’s largest asset manager. This company has launched a Bitcoin spot ETF called iShares Bitcoin Trust (IBIT). Through this, investors can access Bitcoin as a traditional investment vehicle. However, as they say, “Not your keys, not your bitcoins” so be cautious about the illusion of truly owning the BTC.
That said, the symbolism is strong, and indeed, BlackRock has bought $73 million worth of Bitcoin for its iShares Bitcoin Trust!
All these reasons suggest that Bitcoin’s ATH could well be surpassed in a matter of days… or even hours!
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