Bitcoin (CRYPTO: BTC) traded in the green after charting a new all-time high on Wednesday as the global cryptocurrency market cap shot up 4.55% to $2.65 trillion.
What Happened: The apex coin traded 2.74% higher at $65,840.83 over 24 hours. For the week, BTC has gained 14.5%.
On Wednesday, Bitcoin touched an all-time high of $66,930.39 in a rally fueled by exuberance surrounding the launch of ProShares Bitcoin Strategy ETF (NYSE:BITO).
At press time, the apex coin was trading 1.66% below its all-time high. Since the year began, BTC has shot up 124.02%.
Ethereum (CRYPTO: ETH) rose 8.23% to $4,188.21 over 24 hours. Over the last seven days, it has risen 16.03%.
The second-largest cryptocurrency by market cap is currently trading 3.75% below its all-time high of $4,362.35, which it reached in May.
Shiba Inu-themed Dogecoin (CRYPTO: DOGE) was up 4.59% at $0.255 over 24 hours. For the week it has risen 7.41%.
The top 24 hour gainers on Wednesday night were OKB and Solana, which rose 23.52% and 18.9%, respectively, to $25.22 and $186.04.
OKB has shot up 173.78% so far since the year began, while Solana has run up an impressive 10074.17%.
See Also: How To Buy Bitcoin (BTC)
Why It Matters: BTC’s upwards moment has given rise to hopes that the apex coin has room to rise further.
A recent study comprised of 50 industry experts expect BTC to peak just above $80,000 this quarter and end the year around $71,400.
Amsterdam-based cryptocurrency trader Michaël van de Poppe said on Twitter that important levels for BTC are $68,000, $75,000, and $90,000.
Looking at a scenario like this in which the important levels for #Bitcoin are $68K, $75K and $90K.
Full analysis:https://t.co/JYi9ckcblF pic.twitter.com/FIdbbpxVNF
— Michaël van de Poppe (@CryptoMichNL) October 20, 2021
Despite charting new highs, Bitcoin reserves continue to plummet, as per a note from CryptoQuant.
The analytics platform said while they expect flows to increase around the all-time high levels, the reverse has happened.
Chart Showing All Exchange Reserves, Courtesy CryptoQuant
“We see that long-term Bitcoin wallets (LTH-SOPR) have not started serious profit sales yet. The expectation in the market may not be only ATH, but exceeding 70 thousand dollars!”
Meanwhile, Ethereum is nearing all-time highs of its own, which, in turn, is boosting bullishness on Twitter.
According to CoinGecko, ETH broke through US$4,200, which is only one step away from the all-time high of US$4,356.
— Wu Blockchain (@WuBlockchain) October 21, 2021
Facebook, Reddit, Twitter and Tik Tok are all using #ethereum…
Seriously wtf is going on in 2021?
How is anyone not bullish?— Lark Davis (@TheCryptoLark) October 20, 2021
Read Next: Has Shiba Inu Price Hit A Wall Of Resistance? Why Investments In Dogecoin Killer Are Slumping Today
