On Monday morning, Bitcoin rose to more than $57,000, continuing its two-week rally.
According to data from Coin Metrics, the cryptocurrency rose more than 3% on Monday to reach $57,597.60, which is the highest level since the beginning of May. Ether rose nearly 2% to US$3,599.22.
The rebound—another 12% increase will bring it back to an all-time high of approximately $65,000—could coincide with the growing hopes and expectations that the Bitcoin futures ETF may soon be approved, as well as the recent comments made by the federal head Ned Davis Research pointed out that the Reserve and the Securities and Exchange Commission stated that they had no intention of banning Bitcoin, which seemed to “encourage” investors.
Pat Tschosik of the NDR pointed out that the one-year correlation between Bitcoin and gold has fallen to the point where it is about to turn negative.
“If the U.S. dollar and real interest rates rise, Bitcoin may be seen as the preferred inflation hedging tool,” he told CNBC.
Cryptocurrencies are now up 31% this month and 98% for the year. Many people expect this rebound will be the gate to the next record high. Although Ned Davis pointed out that Bitcoin is corrected every 40 days on average.
Katie Stockton of Fairlead Strategies stated that the recent rise “after the resistance level was broken in early September, the target was an all-time high, so we believe that any resulting consolidation is temporary.” “For those who want to increase their exposure, this means waiting for a few weeks and pointing out that there is room for initial support for the cloud model definition, which is currently close to $47-48,000.”