Bitcoin sets new all-time high above $68,000 ๐จ This article is 3 years old...
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Bitcoin sets new all-time high above $68,000
The worldโs largest crypto asset saw a surge in prices this morning.
1 min read
Updated: Nov. 9, 2021 at 1:34 pm UTC
Cover art/illustration via CryptoSlate. Image includes combined content which may include AI-generated content.
Bitcoin broke the $63,000 mark this morning to set a new all-time high, data from markets tool CoinGecko shows.
The network is now worth over $1.2 trillion, with 18.8 million BTC now in circulation. It traded at $63,000 yesterday but convincingly broke through the $68,000 mark on a futures ETF listing last month and added support for the asset from political circles in the US.
As the below image shows, Bitcoin trades above its 34-period moving average, a tool used by traders to determine an assetโs trend, and remains in a strong โuptrend.โ Thereโs currently no visual or technical โresistanceโ level where sellers could step in to take profitsโmeaning the runway for Bitcoin to run even further is clear.
Some analysts continue to hold a $100,000 price target for Bitcoin. PlanB, a pseudonymous trader known for his โS2Fโ model, reiterated their model in a tweet yesterday, claiming a price target as high as $288,000.
โAs you know S2F model predicts $100K average for this halving period (and based on floor model we reach $100K this yr). But S2FX model predicts $288K average this cycle (we need some real fireworks in 2022 for that),โ they tweeted.
As you know S2F model predicts $100K average for this halving period (and based on floor model we reach $100K this yr). But S2FX model predicts $288K average this cycle (we need some real fireworks in 2022 for that). Let's see where this 2nd leg of the bull market will take us๐ pic.twitter.com/ttiNT5yMKe
— PlanB (@100trillionUSD) November 8, 2021
Bitcoin has since retreated to $67,900 as of press time.
Bitcoin Market Data
At the time of press 1:34 pm UTC on Nov. 9, 2021, Bitcoin is ranked #1 by market cap and the price is up 2.84% over the past 24 hours. Bitcoin has a market capitalization of $1.28 trillion with a 24-hour trading volume of $41.73 billion. Learn more about Bitcoin ›
Crypto Market Summary
At the time of press 1:34 pm UTC on Nov. 9, 2021, the total crypto market is valued at at $2.93 trillion with a 24-hour volume of $133.16 billion. Bitcoin dominance is currently at 43.58%. Learn more about the crypto market ›
Posted In: Bitcoin, Price Watch
