Cryptocurrency market surges past $2.5 trillion after greenlight expected from U.S. regulator.
There has been a surge in the price of bitcoin and other cryptocurrencies this week, as U.S. regulators are expected to approve a bitcoin futures exchange-traded fund (ETF). As of yesterday, October 16, the bitcoin price jumped through $60,000 per bitcoin, reaching highs of nearly $63,000, before slipping back slightly and pushing the combined cryptocurrency market to over $2.5 trillion, a return to its May peak.
As Bitcoin, Ethereum and other major cryptocurrencies rocket higher, crypto traders are predicting a “ludicrously strong” rally through the rest of 2021.
“Bitcoin, Ethereum and the broader crypto market are likely to have a ludicrously strong Q4, and I predict we will see new all-time highs across the board by 2022,” Nick Spanos, the creator of the Bitcoin Center NYC and co-founder of decentralized network Zap.org, said in emailed comments. Spanos predicts bitcoin will hit $100,000 before the end of the year and expects the Ethereum price to more than double to between $10,000 and $12,000.
A report from investment banking and asset management firm JMP Securities emphasizes the entry of crypto into the mainstream, stating that early adoption and use cases have created a sense of escape velocity. However, the firm’s analysts noted that “the industry is still in its formative stage.”
JMP Securities recently published a research note that discusses cryptocurrency adoption. Noting that “The crypto economy is entering the mainstream,” the analysts wrote:
The crypto market has come a long way in its short existence, and we believe both adoption and early use cases have established an ‘escape velocity,’ where binary predictions about its future are essentially out of the question.
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