Bitcoin Refreshes All-Time High above $66,000, Altcoins Pick Up Momentum

Bitcoin (BTC) managed to refresh its all-time high after a successful breakout of the $66,000 milestone during Wednesday. On Coinbase exchange, the world’s largest cryptocurrency by market capitalization hit an ATH at $66,999, following a positive mood across the crypto markets that also took Ethereum (ETH) to test new highs above the $4,000 threshold, now exchanging hands at $4,077.98.

In other crypto exchanges, BTC traded around $67,106, up 7% on the day and with a weekly change of over 18%, according to Coinmarketcap data. The altcoins sphere was also favored by the green mood seen across majors, such as Cardano (ADA), which is up 3.65% on the day, trading at $2.18.

On the other hand, according to Kraken exchange’s data, Chainlink (LINK) is hovering around $27.20, up 4.94% in the last 24 hours. Meme coin Dogecoin (DOGE) also witnessed some slight gains of over 2.53%, now exchanging hands at $0.25, while Litecoin (LTC) is seeing astonishing gains after rallying by over 8.97% in the last 24 hours, now trading at $205.44.

On Monday, Finance Magnates reported that large Bitcoin addresses had jumped significantly since the start of September 2021. In the last 5 weeks, according to the latest data published by Santiment, the number of addresses holding between 100 and 1,000 bitcoins has increased by about 2%.

That said, 254 more Bitcoin millionaire accounts now exist compared to the start of September 2021. One of the major reasons behind that is the rising institutional interest.

Bitcoin Long-Term Price Forecast

Gavin Smith, CEO of Panxora, a cryptocurrency consortium, provided the following forecast on Bitcoin’s price after it hit new all-time highs: “We do expect bitcoin to hit $100,000 in the future – but not this year, as we expect volatility to continue into early 2022. However, the longer-term outlook for Bitcoin remains strongly bullish. Corporations and family offices are leading this by putting some of their excess cash into Bitcoin as an inflation hedge, and from a fundamentals perspective, it’s becoming clearer by the day that inflation is not going to go away. With the successful launch of the ProShares Bitcoin futures ETF, this will now offer an easy route for retail investors to take advantage of this marketplace too.”

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