On October 20, 2021, Bitcoin (BTC) smashed through the $66,000 mark, reaching a new all-time high of $66,299 on Bitstamp, surpassing the previous record of $64,804 set six months earlier on April 14. The milestone came just one day after the launch of the Proshares Bitcoin Strategy ETF (BITO) — the first bitcoin futures ETF ever approved in the United States — which opened on October 19.
Market Snapshot
At press time, bitcoin’s 24-hour trading volume stood at $39.6 billion, with a market capitalization of $1.223 trillion, making it the sixth most valuable asset globally. The top trading pair remained USDT, commanding 59.97% of all BTC trades, followed by USD (14.99%), BUSD (4.61%), JPY (3.33%), EUR (3.20%), KRW (2.27%), and AUD (2.16%). Coinbase led exchange volume with 20.25%, while FTX captured 14.68%.
Year-to-Date Performance and Dominance
Bitcoin has surged 456% year-to-date and 37.8% over the past 30 days. Bitcoin dominance currently sits at 45.4%, while Ethereum (ETH) dominance stands at 17.3%. Over the last week, only 12 cryptocurrencies outperformed BTC, including OKB, MATIC, and ZEC, each gaining over 19%.
Network Hashrate and Mining
The bitcoin network hashrate has been hovering around 140 EH/s, with the next mining difficulty adjustment expected in 12 days. The high hashrate reflects continued miner confidence.
The new all-time high marks a pivotal moment for crypto, with the ETF providing a regulated entry point for institutional investors. Analysts anticipate further gains depending on ETF inflows and macroeconomic conditions.