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    Bitcoin creates a new ATH since May:JP Morgan says investors are replacing Gold with BTC.

    Abstract:The month of October has remained a very significant Month for Bitcoin since this year. Some analysts have mimicked it as "UPtober" in Crypto jargons to mark the period that Bitcoin had witnessed the highest All-time-high after the significant drop in May and followed by the last month historical September consecutive pullbacks. Just last week, Bitcoin had succeeded in breaking the strong resistance at $54,000 paving way for the creation of a new ALL-TIM-HIGH at $56,125. Observing the sudden volatility exhibited by Bitcoin since October, the US banking giant JP Morgan has revealed that Institutional investors are dumping gold as to buy Bitcoin. This seems to be suggesting that the momentum might keep increasing in the coming weeks.

      The month of October has remained a very significant Month for Bitcoin since this year. Some analysts have mimicked it as “UPtober” in Crypto jargons to mark the period that Bitcoin had witnessed the highest All-time-high after the significant drop in May and followed by the last month historical September consecutive pullbacks. Just last week, Bitcoin had succeeded in breaking the strong resistance at $54,000 paving way for the creation of a new ALL-TIM-HIGH at $56,125. Observing the sudden volatility exhibited by Bitcoin since October, the US banking giant JP Morgan has revealed that Institutional investors are dumping gold as to buy Bitcoin. This seems to be suggesting that the momentum might keep increasing in the coming weeks.

      The Crypto market has experienced a great volatility since the inception of the month of October. The market prices of Bitcoin for instance has risen significantly from the low of 40k created during the historical consecutive pullbacks in the months of September to a new ALL-TIM-HIGH at $56,125. Speaking on this sudden spike on Bitcoin, JP Morgan the US banking Giant says the major reason for this; is that institutional investors are currently buying Bitcoin over gold due to the call for future inflations. In his exact words “institutional investors are ditching gold in favour of Bitcoin.” Hence the great volatility witnessed in the market. According to the observation of this investment bank JP Morgan, the surge is based on institutional investors backing BTC over gold amid fears of inflation. Thus the analyst speaking on behalf of JP Morgan; on his part sees the investment into BTC as “a better inflation hedge than gold”.

      However, there are other reasons offered by various market analysts as the major factors behind the rise in BTC price and the reason influencing the change in choice of investment from Gold to Bitcoin.

      The dominant factor owes to the declaration of support from the Fed Chair Jerome Powell last week that he has no intention of banning Crypto currencies. This has been followed by subsequent reassurances from US regulators including SEC that they had no intention to follow Chinas ban on cryptocurrencies and crypto mining.

      Still more, another reason for this sudden spike owes to the rise of the Lightning Network and 2nd layer payment solutions encouraged by El Salvadors recent adoption of BTC which have influenced other nations to pass various bills towards adopting Bitcoin.

      Above all, the increased fear of inflation has turned investors towards BTC as a hedge against it in the near future. Thus gold has really failed as a reliable inflation hedge this year and investors are reacting. More than $12bn has moved out of gold ETFs and $30bn has been invested into BTC funds. This increased Bitcoins share to 48% of the crypto market and the market capitalisation to over $1.2 trillion – the first time ever since May.

      Most Altcoins have maintained this pace. More significantly Shiba Inu has recorded a 365% increase within the month of October alone. Other altcoins such as: XRP, DOT, FTM, Celr and Rose have shown significant increase in their trading volumes and percentage rise. Thus many investors in the light of this daily increase in trading volumes seem assured that the Crypto market is once more en route to the previous ATH created in March before the great lows in April-May.

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