Amid a new wave of positive news in the crypto space, the price of bitcoin is once again rising at the start of the week.
The cryptocurrency climbed above $57,000 on Monday and hit a new five-month high, bringing its total gains in October to 32 percent. It briefly fell below $57,000 on Tuesday morning before continuing its rally.
Other major cryptocurrencies have yet to reflect bitcoin’s fortunes, with Ethereum (Ether), Cardano (ADA) and Dogecoin all remaining relatively stable over the past week.
Bitcoin’s gains have pushed the total crypto market cap above $2.3 trillion, outpacing the value of tech giants such as Amazon, Alphabet (Google) and Microsoft. Only Apple is worth more than the cryptocurrency market, though only under $50 billion.
The recent surge has reinforced the confidence of some crypto analysts, who predicted earlier this year that new record highs would be seen before the end of 2021.
We’ll have all the latest news, analysis and expert price predictions right here.
Mystery Whale Bought $1.6 Billion in Bitcoin
A mysterious investor, or group of investors, has placed an order to buy $1.6 billion worth of bitcoin on a cryptocurrency exchange.
Trading in such a large volume has inevitably contributed to the rise in the price of bitcoin, pushing it above $57,000 for the first time since May.
Key Young, a crypto analyst and CEO of on-chain data firm Cryptoquant, speculated that traders could be holding large positions ahead of the rumored approval by the US Securities and Exchange Commission of a futures-based bitcoin exchange-traded fund (ETF). . Such an announcement would be huge for bitcoin, and would almost certainly lead to fresh new price highs.
Bitcoin price closes on ATH as crypto market closes on Apple
Bitcoin has risen in value by nearly a third since the start of the month, with the price increase pushing the overall crypto market cap above the value of tech giants such as Amazon, Alphabet (Google) and Microsoft.
The cryptocurrency market is currently worth $2.32 trillion, which means that only Apple is worth more than $2.36 trillion.
Bitcoin alone has a market cap of over $1 trillion, which means that another price increase could push it above silver. Some analysts and investors, such as MicroStrategy’s Michael Sayler, believe that the world’s most valuable cryptocurrency will one day “flip” gold, due to its inherent scarcity. This would cost one bitcoin about half a million dollars.
Hello and welcome…
To Granthshala’Live coverage of the crypto market. With another bullish going on, we will have all the latest news, updates and analysis for Bitcoin, Ethereum (Ether) and other major cryptocurrencies throughout the week.
We’ll also bring you expert price predictions, as well as try to answer the question of whether we’re really ready to see a new all-time high for bitcoin within the next 10 weeks. It is currently less than $7,000 away from setting a new record, its notorious volatility meaning that such a jump could be achieved in a matter of hours – although such a significant price movement could also go the other way.
Credit: www.independent.co.uk /