Cryptocurrency Prices Today on October 16: Bitcoin over $61,000 – Moneycontrol.com

Cryptocurrency (Representative image)

Cryptocurrency prices continue to be in the green on October 16. The global cryptocurrency market cap is $2.48 trillion, a 4.52 percent increase over the last day, while the total crypto market volume over the last 24 hours is $132.29 billion, which makes a 34.73 percent increase.

Bitcoin's price is currently $61,348 and its dominance is currently 46.60 percent, an increase of 1.15 percent over the day.

Bitcoin topped $60,000 for the first time in six months on October 15, nearing its all-time high, as hopes grew that U.S. regulators would allow a futures-based exchange-traded fund (ETF), a move likely to open the path to wider investment in digital assets.

Cryptocurrency investors have been waiting for approval of the first U.S. ETF for bitcoin, with bets on such a move fuelling its recent rally.

The world's biggest cryptocurrency rose to $61,869.05, its highest since mid-April, and was last up 6.9% at $61,346. It has risen by more than half since Sept. 20 and is closing in on its record high of $64,895 hit in April.

The U.S. Securities and Exchange Commission (SEC) is set to allow the first American bitcoin futures ETF to begin trading next week, Bloomberg News reported on Thursday. Such a move would open a new path for investors to gain exposure to the emerging asset, according to traders and analysts.

"Crypto ETFs are inevitable. A product like this will eventually come to fruition since there is a demand for it," said Chris Kline, chief operating officer and co-founder of Bitcoin IRA.

"It seems clear that regulators will approve some version of a crypto ETF soon, most likely by Monday," Kline added. "As regulators become more familiar with the space, the SEC is starting to understand how these assets are stored, secured and reconciled so that it makes sense in traditional finance."

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Cryptocurrency Prices Today on October 16: Bitcoin over $61,000 - Moneycontrol.com