Bitcoin Hits Six-Month High, Nears $60,000, Ethereum Eyes $4,000

Bitcoin Hits Six-Month High, Nears $60,000, Ethereum Eyes $4,000

The largest digital asset, Bitcoin, the price hits a six-month high, nears $60,000 as the crypto currencies market continues to rally. Ethereum eyes $,4,000 mark after rising by more than 5% to $3,816 today.

At the press time on Friday, the most popular blockchain asset has lifted the exchange to $2.43 trillion as Ethereum and other top ten cryptoassets also see an uptrend.  Bitcoin’s dominance is currently 45.97%, an increase of 0.24% over the day.

It was quoted on coinmarketcap.com at $59,500, its highest since mid-April when investors priced it at a record high of $64,895.

In a related development, the United States (U.S) Securities and Exchange Commission (SEC) is poised to allow the first U.S. bitcoin futures ETF to begin trading next week, Bloomberg News reported on Thursday, citing people familiar with the matter.

Ben Caselin, head of research and strategy at Asia-based cryptocurrency exchange AAX, said bitcoin’s spike above $59,000 wasn’t arbitrary and long-term investors had been accumulating it for a while.

“It is widely expected that Q4 will see significant progress around a bitcoin ETF in the U.S.,” he said. Friday’s moves were also spurred by a tweet from the SEC’s investor education office, he said.

“Before investing in a fund that holds Bitcoin futures contracts, make sure you carefully weigh the potential risks and benefits,” the SEC tweet

Cryptocurrency investors have been waiting for news of the approval of the country’s first bitcoin ETF, and some of Bitcoin’s rally in recent months has been in anticipation of that move and how it could speed up its mainstream adoption and trading.

SEC Chair Gary Gensler has previously said the crypto market involves many tokens which may be unregistered securities and leaves prices open to manipulation and millions of investors vulnerable to risks.

The total crypto market volume over the last 24 hours is $109.56 billion, which makes a 0.73% decrease amidst positive sentiments and as investors keep pumping money into the space.

Data from Coinmarketcap.com also shows that the total volume in DeFi is currently $14.52 billion, 13.25% of the total crypto market 24-hour volume. In addition, the volume of all stable coins sees a jump to $85.15 billion, which is 77.72% of the total crypto market 24-hour volume. # Bitcoin Hits Six-Month High, Nears $60,000, Ethereum Eyes $4,000