Recent speculations that the Securities and Exchange Commission may approve the creation of the first Bitcoin exchange-traded fund (ETF) drove the cryptocurrency to an all-time high of $1,206.60 on Friday. It already surpassed its previous high of $1,165.89 back in November 2013.
Best Performing Currency
Although Bitcoin was considered to be too volatile and risky, the web-based currency’s performance was actually better compared to other currencies since 2010. It can be noted though that it was the worst-performing currency in 2014, when its value plunged more than 56%, even worse than the Russian ruble which retreated to 42% for the same year.
Final Rule Come March 11
Experts believe that an ETF regulatory approval will make the currency more attractive for cautious traders who still see it as not liquid enough to consider adding to their portfolio despite its potentially high returns. Currently there are three ETF proposals at the US Securities and Exchange Commission. The proposal that has been filed by investors Cameron and Tyler Winklevoss almost four years ago will be decided on by March 11 by the agency.
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For the past few years, Bitcoin has been treading a volatile path and has dramatically changed its direction. It was just around two years ago when its stabilized around $250 but since then, its value has constantly risen. With eToro, you can trade on this digital currency and take advantage of its highly volatile price. Sign-up for a free account and start trading!