Bitcoin Rallies Above $64.5k, Prints a New All-Time High as it Enters Top-10 M1 Money Supply
The Bitcoin price is at an all-time high, above $64.5k as bulls stepped up. Accompanying this milestone was the rapid expansion of Bitcoin's valuation thrusting it into top honors and is one of the most liquid assets,exceedingthe amount of money circulating in Canada and Australia. At the same time, Bitcoin's valuation now exceedsThailand's wealth. It is on the path of displacing other economies if BTC/USD prices continue to inch higher towards $100k.
11 months after Bitcoin halved in early May 2020, the coin has exceeded expectations, clearing sell walls, subsequently thrusting its valuation to new highs. TheBitcoin networkwas initially designed to act as an alternative to the fiat system and has been an immense success. Trending at fresh 2021 highs, Bitcoin bulls are now targeting $100k as institutional entrance and hopes of the SEC approving a new Bitcoin ETF for the first time.
Impact on the BTC Price:
Proponents are convinced that Bitcoin's worth is enough testament. Besides, BTC ETF applications from Wall Street giants may lead to the SEC approving one, opening doors for trillions of deep-pocketed investors' money desirous of indirect exposure of Bitcoin. In this regard, the BTC/USD price could continue waving and grinding higher to $100k in line with analysts' projections.
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