On the Luxembourg-based Bitstamp exchange, the price of one bitcoin rose to just over $67,000—almost exactly double where it was in the year 2021.
Ethereum, cardano, BNB, XRP, solana, and dogecoin have all risen with bitcoin in the last 30 days, with the former rising by over 40%. As a result, the total value of the crypto market has already eclipsed the previous record high set in May, surpassing $2.6 trillion for the first time ever.
Forewarning investors ahead of the first New York Stock Exchange launch of a bitcoin futures exchange-traded fund (ETF), hedge fund manager Mark Yusko called bitcoin “overbought.”
Yusko, CEO and CIO of Morgan Creek Capital Management, told CNBC that he “wouldn’t be surprised by a little consolidation” and added that he was “happy” about the ETF approval.
“We’re up 40% so far this month, and the month is only 15 days old. Given how overbought we are right now, a ‘pause that refreshes’ wouldn’t surprise me. You have to be careful not to fall victim to the ‘buy the rumor, sell the news’ strategy.”
As soon as ProShare’s bitcoin futures ETF began trading in New York, the price of bitcoin shot up over 5%, with nearly $1 billion worth of trading activity changing hands in a single day.
Yusko predicted there could be some “profit-taking” in the aftermath of the hotly-anticipated bitcoin ETF launch, pointing to bitcoin’s almost 20% price crash following El Salvador’s adoption of bitcoin as legal tender in September, calling it a “mini-crash.”
The billionaire investor Chamath Palihapitiya, who said earlier this month that bitcoin will eventually replace gold, is echoed by Yusko, who previously said he expects the bitcoin price to rise to $250,000 within the next five years, forecasting that the value of bitcoin will be equal to gold by then.
Even as bitcoin soars, some believe that it will continue to outperform other altcoins such as Ethereum (ETH), Cardano (ADA), Binance’s BNB (BNB), Ripple’s XRP (XRP), Solana (SOL), and Dogecoin (DOGE).
There is a strong resemblance between the situation on bitcoin now and how it was at this time last year, when the bellwether outpaced all other altcoins and posted a big surge in the fourth quarter.