Bitcoin is approaching an all-time high

The bitcoin has reached the maximum in six months and is close to all-time highs on Tuesday as traders bet an expected listing of a US futures-based equity fund could generate investment flows in bitcoin and cryptocurrencies. Bitcoin consolidated its earnings, surpassing $ 63,000, the highest level since last April.

X-pay co-director Muhammad Abdulmutallab said in an interview with Al-Arabiya that levels record of the “Bitcoin” currency are driven by several factors, in particularly the relations of funds and the entry of institutional investors, who pay large sums of money.

In trading previous, bitcoin, the largest cryptocurrency in the world by market value, was up 1.5% during the trading Asian at $ 62,991, the highest level since the peak record of $ 64,895 registered in April.

Arkin Research cryptocurrency analysts said the future on bitcoin I’m in rise today and were the last to $ 62,690 and that spot prices could rise if the cash flow continues.

Bitcoin has more than doubled since the start of the year, despite significant swings in its trends as the market faces narratives from greater institutional adoption and asset class in maturation to a crackdown on cryptocurrencies in China and concerns about energy use.

Bitcoin’s 43% rise so far in October pushed cryptocurrency in overbought territory, according to RSI data.

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