BTC price hit $57,000 this week, which is less than 15% away from its all-time high. It is currently in its top form. Decoupling from the US Dollar and the macro market movements, Bitcoin is looking like the alternative to gold, something that all investors want. If you are interested in BTC, here are 5 things to look for this week.
1. Altcoins are lagging
Bitcoin is on the rise. But, at the same time, altcoins are underperforming. For example, the largest altcoin with respect to market capitalization, Ether (ETH), is at its lowest against BTC since August. There have been predictions of ‘Bitcoin season’ which is followed by a form of ‘alt season’ later. Experts believe that the alt season won’t be here until 2022.
When it comes to price action, Bitcoiners always want more. Even if BTC makes an unexpected move, it’s only for so long before the investors want more. In the last week, Bitcoin increased by $3,000 within minutes, and then $5000 in another hour. However, days later, there were some commentators who were bored with this growth.
3. $31 billion settled
There are some other factors of Bitcoin that have been setting records as well. Last week, in only one day, Bitcoin handled more than $30 billion of value. This transformation is accompanied by cost consistency.
The Securities and Exchange Commission will be making a decision on spot-based Bitcoin ETFs in November. However, this month, investors will get an answer on futures-backed ETF products. The fate of institutional instruments like the Grayscale Bitcoin Trust (GBTC) hangs in balance.
5. Sustainable greed
There are some investors who think that this four-months high will be followed by market instability. However, experts believe that the latest uptick in the BTC price is down for a sustainable growth.