Bitcoin (BTC) finally has broke its record price and the euphoria immediately hits the cryptocurrency market. Almost all rates are included and, with a few exceptions, almost all altcoins thick in green.
The total market cap of all crypto now stands at $2.753 trillion, another all-time high. Despite this, trading volume is still well below its early level, a sign that the so-called “retail FOMO” may even have yet to begin.
#BTC active address back above 1 million. It’s been slowly trending higher, no where close to the record high of 1.36m active addresses back in April 2021.
Retail FOMO is not here yet. The rally is just starting when looking at the bull market. pic.twitter.com/YotWWPh8cx
— Daniel Joe (@DanielJoe916) October 20, 2021
A warning is in order here. When the market is so euphoric, the scammers often reappear. Do not send bitcoin or other crypto to unknown parties, especially if they promise to return double the amount.
Bitcoin
Bitcoin (BTC) has finally reached a new record after six months. The price climbed to $64,000 last night and was able to hold there well all day. At around 2 a.m., bitcoin broke up and the price shot from $63,800 to a new all-time high of $67,275 at around 5 p.m., an increase of some 5.4%.
The price increase appears to be mainly driven by the rapidly declining supply on the market as well as the launch of the first bitcoin ETF in the US. Bitcoin is now in uncharted territory so any resistances and so-called sell walls are difficult to predict.
There seems to be a good chance that the price increase will continue, for example, research company CryptoQuant reports that despite the new ATH, the amount of BTC on exchanges continues to decrease. That shows a strong confidence in the price. Bitcoin is now in price discovery modus.
There is no overhead supply, Bitcoin has entered price discovery! pic.twitter.com/D184kRVdCv
— Will Clemente (@WClementeIII) October 20, 2021
It is striking that bitcoin price currently follows the pattern from 2017 almost exactly, which gives a lot of credibility to the halving theory and the stock-to-flow (S2F) model.
The answers on the test were given. #CTM #bitcoin #cheatcodes pic.twitter.com/fqAm7dDdxb
— Jesse Olson (@JesseOlson) October 20, 2021
#Bitcoin after the Halving
Oct. 20, 2021526 days after the 3rd halving#BTC at $66,826
New all-time high after almost 200 days. But we aren’t stopping there. ???????? pic.twitter.com/WMKF6B8fX0
— ecoinometrics (@ecoinometrics) October 20, 2021
Altcoins
Ethereum (ETH) goes along with bitcoin. Ether prices shot from $3,860 to a high of $4,090 this afternoon, the highest since May 12 when ether established an ATH of $4,355. It seems to be only a matter of time at this point for ether to reach a new ATH as well.
Still, the above two are not the strongest climbers in the top 10 today. Solana (SOL) already started rising sharply this morning and it continued this afternoon. The SOL price is 10% in the plus, now comes to $171, and seems unstoppable. Polkadot (DOT) is rising almost as fast, the DOT price was around $41 and currently stands at $44.7, an increase of 9%. Just outside the top 10 we see terra (LUNA) constantly rising. The LUNA price currently stands at $40.9 and is up 13% today.
The two big ‘meme crypto’ are having a little harder time. Dogecoin (DOGE) also initially jumped from USD 0.244 to USD 0.257, but is now falling back to USD 0.252. Shiba Inu (SHIB) is almost the only crypto currently turning red. The price has fluctuated violently and is currently falling 2% to $0.0000276. Still, SHIB is up 240% from a month ago.
As stated this morning, are they still the cryptocurrency-exchange tokens that perform best today. Meanwhile, ftx token (FTT) is 10% in the plus, huobi token (HT) 17% and OKB continues to go like a rocket and is even in the plus 27%. Finally, we see safemoon (SAFEMOON) suddenly reappear, the price is 14% in the plus and now comes out at $0.0000022.
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