Bitcoin breaks $66,000. Will it cross $100,000 by December?

Bitcoin creates a new all-time high as it breaks above the $66,000 mark on Wednesday. Industry experts are cheering the jump. Bitcoin creating a new all-time high, says Jay Hao, CEO, OKEx, a Seychelles-based cryptocurrency exchange, indicates wider acceptance of crypto assets across the globe. The launch of the first bitcoin exchange-traded fund (ETF) on the New York Stock Exchange (NYSE), he adds, is a big leap of faith for crypto investors as it took eight long years to get the final approval from U.S. securities.

The first Bitcoin-linked ETF in the U.S., the ProShares Bitcoin Strategy ETF, made its debut on Tuesday under the ticker BITO and witnessed an exorbitant volume of almost $1 billion. Experts see the debut of bitcoin ETF marks as the beginning of the democratisation of digital assets.

"Bitcoin is witnessing its meteoric rise owing to the euphoria around the ETF debut and is expected to touch the $100,000 mark by the end of this year," says Shivam Thakral, CEO, BuyUcoin, a homegrown cryptocurrency exchange.

As per Nischal Shetty, CEO, WazirX, it’s a huge milestone for the entire crypto ecosystem. It is also a good sign for Bitcoin because it will now encourage more investors to take it seriously as an alternative asset class, and participate.

The largest cryptocurrency in the world has more than doubled year-to-date in terms of market capitalisation. Bitcoin holds a market cap of $1.25 trillion. "The new all-time high market cap is also expected to boost the confidence of institutional and retail investors, globally," believes Jay Hao.

Thakral is optimistic that more crypto-based ETFs will get listed on global exchanges which will enable investors from every country/region to become a part of the crypto growth story.

Meanwhile, Ethereum, the second-largest cryptocurrency, in terms of market cap is also showing a great price movement and trading at around $4,000 which is very close to its previous high.