Positive Price Movement Seen for Bitcoin as it Crosses a Major Price Mark.

7:37 am, Tue, 9 November 21

The flagship cryptocurrency Bitcoin has noticeably been moving upwards and is way beyond the $60k price mark. The crypto king crossed $68,500 for the first time and reached an all-time high. It is currently trading at $68,131 (at the time of writing).

According to reports, Bitcoin has gained around 136% this year and is expected to surge even higher. Analysts anticipate the flagship cryptocurrency will reach the $70,000 price mark, however, that is yet to be seen in real life.

Here is a graph by CoinMarketCap that shows the price of BTC in the last 24 hours.

btc-graph-09-11-2021

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Could the Price of BTC Surge Higher?

According to analysts, the flagship cryptocurrency is expected to reach the $70,000 mark, which is only a few percentages high. As compared to the massive price correction seen earlier this year, the price of Bitcoin has nearly doubled as it crossed the $68,000 price mark.

Bitcoin has also noticeably surpassed other store-of-value assets such as gold, which has reportedly lost around 3.7% since January.

The largest digital currency has also outperformed Tesla in terms of market capitalization. Bitcoin now has a market cap of $1.29 trillion, whereas Tesla has a market cap of $1.16 trillion.

Even though BTC has a market share of 41.8%, the altcoins have quite majorly outperformed Bitcoin this year.

According to Glassnode, the on-chain analytics provider, the exchange outflows are increasing even though the price of the digital asset has significantly surged.

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What Should Crypto Enthusiasts Know About BTC and Altcoins?

The price movement for Bitcoin has been explained above, according to which the crypto king is expected to reach the $70k price region soon.

The most prominent altcoin, however, has also seen a significant price surge. Ethereum touched the $4,857 price mark earlier today, claiming an all-time high. It is currently trading at $4,817 (at the time of writing), which is a 1.01% increase in the last 24 hours and an 11.25% increase over the past week.

Here is a graph by CoinMarketCap showing the price of ETH over the last week.

eth-graph-09-11-2021

Ethereum is not the only altcoin that has seen a price surge. Other digital currencies that have seen a price increase include Cardano, Litecoin and Shiba Inu.

However, if you are interested in buying the flagship digital asset then make sure you choose a platform from the largest Bitcoin exchanges.

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