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BTC $47856.79 (0.56%)
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BCH $641.99 (2.42%)
BSV $158.48 (-0.8%)
LTC $180.56 (-0.2%)
BNB $410.29 (-0.0%)
ADA $2.36 (-0.0%)
DOGE $0.24 (-0.4%)

Bitcoin Surges Above $23.5K Pushing BITW and GBTC Price

Bitcoin Surges Above $23.5K Pushing BITW and GBTC Price
  • Bitcoin has surpassed its previous all-time high of $20,000
  • Bitcoin’s Price Surge Pushed BITW and GBTC
  • Moreover, the ease of purchasing BITW or GBTC through a brokerage medium trumps the extra cost.

Bitcoin (BTC) price surged above $23,500 this week for the first time. As per Bloomberg’s post, the BTC price surge pushed the price of Bitwise 10 Crypto Index Fund (BITW) and Grayscale Bitcoin Trust (GBTC).

Bitcoin’s Price Surge Pushed BITW and GBTC

Bitcoin is considered to be the king of the cryptocurrency. Additionally, its 200% year-to-date price rally attracted feverish attention. Also, Bitcoin has surpassed its previous all-time high of $20,000.

According to CoinGecko, the BTC price is at $23,777 at the time of writing.

Bitcoin Price Chart 1-Month (Source: TradingView)
Bitcoin Price Chart 1-Month (Source: TradingView)

Moreover, for the investors who look forward to accessing Bitcoin but are not sure about getting direct exposure, the ease of purchasing BITW or GBTC through a brokerage medium trumps the extra cost.

More so, BITW price has surged over 160%, and GBTC also spiked over 40%, outperforming Bitcoin earlier this month. The outperformance creates the bridge between the products’ prices and the net asset price of their underlying holdings.

Since the Bitcoin bubble in 2017, companies that dabble in crypto-related firms served as a proxy for exposure. Further, business intelligence company MicroStrategy Inc made a huge Bitcoin investment in August.

ETF President Nate Geraci said,

overwhelming investor demand to obtain Bitcoin exposure through means other than direct ownership or via crypto exchanges.

Furthermore, an ETF analyst of Bloomberg Intelligence James Seyffart says buying shares of BITW or GBTC are seen as the easiest way outside of crypto trading platforms. Nevertheless, this is especially for investors looking for crypto exposure in portfolios.

Crypto trading has enticed Ananthi Reeta to write for CoinQuora. She consistently contributes news and feature articles. She has covered several different blockchain and crypto niches, especially altcoins.