Bitcoin (BTC) Grinding Back to Multi-Month Highs, Volt ETF Offers Crypto Diversification
Bitcoin (BTC/USD) Prices, Charts, and Analysis
- Cryptocurrency market cap now approaching its record high.
- Volt Equity ETF offers exposure to ‘Bitcoin Industry Revolution Companies’.
The cryptocurrency market is slowly grinding higher taking a ‘two steps forward, one step back’ approach, leaving a series of higher lows and higher highs in its wake. While Bitcoin has been the main focus this week, alt-coins across the board are slowly moving higher swelling the overall size of the market. The next focus for the total market cap is now at just over $2.43 trillion and a confirmed break at this level would leave the all-time high at $2.58 trillion vulnerable. Market sentiment remains positive but traders should be cognizant of complacency, especially going into the weekend trading period.
Cryptocurrency Market Total Capitalization – October 8, 2021
Chart via TradingView.com
With several Bitcoin and Ethereum ETF applications still sitting in the SEC’s pending tray, one Exchange Traded Fund that did get approval, the Volt Equity ETF, will give investors an opportunity to invest in quoted companies that have significant exposure to Bitcoin. According to Volt prospectus, the ETF will track companies that ‘hold a majority of their net assets in BTC or derive a majority of their earnings from Bitcoin mining, lending or transacting’. While futures-based Bitcoin ETFs are thought by the market to be approved by the end of the year, the Volt ETF gives investors another avenue into the crypto-currency space.
Bitcoin continues to nudge higher and is up 15% on a week-on-week basis. BTC/USD touched $56k earlier in today’s session before falling back to intra-day support just under $54.5k. Again the sentiment remains positive – aided by the ETF story – with today’s high print now leaving the door open to the $59.5k double top seen in early May. Higher lows and higher highs control the recent move while the three simple moving averages are nearing a bullish formation. The recent rally has pushed BTC into overbought territory and some of this needs to wash out before Bitcoin can attempt to scale $60k.
Bitcoin (BTC/USD) Daily Price Chart – October 8, 2021
What is your view on Bitcoin – bullish or bearish?? You can let us know via the form at the end of this piece or you can contact the author via Twitter @nickcawley1.