Smaller altcoins catch up as Bitcoin takes a breather

18 Oct 2021

SGT 0815
📈 BTC | $61,440 (+$789, +1.3%)
📈 ETH | $3,846 (+$22, +0.6%)
📉 XRP | $1.10 (-$0.03, -2.9%)
📉 LTC | $184 (-$2, -0.9%)

📈 Total Crypto Market Cap: $2.48T (+0.4%)

🔎 Bitcoin pared gains after rising past $62K over the weekend, and has been holding strongly above the psychologically important $60K mark. Notably, the total market capitalisation of cryptocurrencies is now nearly back to its mid-May peak of around $2.53 trillion.

🎉 The USA’s first Bitcoin futures ETF will list on Monday, under the ticker $BITO (barring any last-minute regulatory intervention). While certainly a milestone for Bitcoin with possible implications for spot Bitcoin prices, many are questioning the advantages of trading in a Bitcoin futures ETF over simply buying Bitcoin, particularly for smaller investors who have easier access to cryptocurrencies today.

🚂 On that topic, Grayscale Investments (managing the world’s biggest Bitcoin fund GBTC) is applying to convert their fund into a spot exchange-trade ETF, where the fund would be backed by actual cryptocurrencies, rather than crypto futures. Such an application would likely further improve the view of cryptocurrencies as investible assets, although the chances of the SEC approving their application are currently unknown.

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