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Oct. 20, 2021, 10:56 a.m. EDT

Bitcoin may rise further, as it has done after hitting new highs in the past, analyst says

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By Frances Yue

Bitcoin has risen above $66,000, recording a record high on Wednesday, after ProShares Bitcoin Strategy ETF, the first bitcoin-linked exchange traded fund (ETF) in the U.S debuted trading on Tuesday.

Bitcoin /zigman2/quotes/31322028/realtime BTCUSD -21.43%  reached its previous all-time high of $64,889 on April 14, according to CoinDesk data.

ProShares Bitcoin Strategy ETF /zigman2/quotes/230440344/composite BITO -6.61% was trading mid-morning Wednesday at $43.8, up 4.3% from the Tuesday close. The ETF primarily invests in bitcoin futures contracts, which bet on the future prices of bitcoin, instead of the cryptocurrency itself.

Dan Morehead, founder and chief executive officer at crypto investment firm Pantera Capital, said on Twitter that bitcoin may rise further.

Over the past 30 days, bitcoin rallied more than 30% amid positive market sentiment. Before the debut of BITO, the market anticipated the SEC would soon greenlight a bitcoin futures ETF.

Some are also watching the performance of ether. The cryptocurrency is trading at around $4,050, the first time since May. Ether reached an all-time high at $4,379 on May 12, according to CoinDesk data.

US : CoinDesk
-11,502 -21.43%
Volume: 0.00
Dec. 4, 2021 12:28a
US : U.S.: NYSE Arca
$ 33.89
-2.40 -6.61%
Volume: 14.05M
Dec. 3, 2021 4:00p

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