Bitcoin hit an all-time high in six months on Tuesday, with the coin's market capitalization hitting 1.5% during Asian trading to $62,991, its highest since the record peak of $64,895 set in April.
According to Arab Net, traders are betting on the expected listing of a US futures-based equity fund, which could result in investment flows in bitcoin and crypto assets.
Cryptocurrency analysts at Arkin Research said that bitcoin futures are up today, and were last at $62,690, and spot prices may rise if 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 increased institutional adoption and increased asset class maturity to a crackdown Cryptography in China and concerns about energy use.
Bitcoin's 43% surge so far in October has pushed the cryptocurrency into overbought territory, according to RSI data.
