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25 Oct 2021
Bitcoin hits all-time high after ETF launch
Many worried that the ETF launch would be a sell-the-news event, but instead bitcoin hit all-time high.
Many worried that the ETF launch would be a sell-the-news event, but instead bitcoin hit all-time high.The launch of the bitcoin ETF $BITO was a tremendous success, and the bitcoin price rallied to a new all-time high of $67,000 the following day. Bitcoin’s momentum later slowed down, and it ended the week just where it began at $63,000.
After underperforming bitcoin for some weeks, ETH ended last week as the biggest gainer of the top 3 by market cap with a 10% increase. BNB is the weakest of the giants with a 2% loss.
NEAR ends as the winner of the top 50 coins by market cap with a 57% gain. We see that BNB's meager 2% loss is enough to place it as the second-worst performing coin of the top 50, indicating how broad this bull market is, lifting almost all the boats.
Last week bitcoin's correlations with both ETH and the broader financial market decreased. We see clearly that bitcoin has a relatively low correlation with other financial assets when the overall market sentiment is positive, making it suitable as a short-term diversification tool. Nonetheless, it's essential to be aware that bitcoin's correlation to S&P500 often increases in periods of market turmoil.