The price of bitcoin has surged past $50,000 amid a remarkable recovery for the cryptocurrency.
The latest price increase has pushed Bitcoin’s market cap to near $1 trillion, outpacing Facebook’s market cap.
Other major cryptocurrencies have also experienced significant gains in recent days, with Ethereum (Ether), Binance Coin, Solana (SOL), Ripple (XRP) and Dogecoin all rising between 15-30 percent since the beginning of October. .
Bitcoin is still more than $64,000 away from its all-time high of $10,000 that it hit in mid-April 2021, although some analysts are predicting that it could hit new all-time highs before the end of the year.
The latest price rally comes after several months of volatility, due to China’s decision to crack down on cryptocurrency in the country and the controversial $1 trillion infrastructure bill in the US that would require tax reporting on crypto assets.
“Such news usually causes a short-term pullback in the market, but doesn’t really affect fundamentals in the mid to long term,” said Jonas Luethi, a sales trader at UK-based digital asset broker GlobalBlock. Granthshala.
More to follow.
Credit: www.independent.co.uk /