Bitcoin price on Thursday reached $55,000 for the first time in five months. After a poor show in September, Bitcoin returned to $50,000-mark at the starting of this week. The world’s largest cryptocurrency by market capitalisation is now just $10,000 away from the all-time price it touched in April this year. Bitcoin price surged 6.82 per cent in 24 hours to $55,077.67, according to coinmarketcap.com. It must be noted that worlds’s favourite cryptocurrency already touched $55,000-mark briefly on Wednesday.
Analysts often find it hard to pin a single event behind Bitcoin’s volatile price surge or drop. There are multiple factors at play that often push the cryptocurrency to touch new zenith or rebound in the opposite direction to hit a new low. The rising uncertainty in the global market and the recent outage of Instagram and Facebook may be one of the factors behind the recent surge of bitcoin. Both the incidents indicate one good old saying of the crypto investors and analysts that ‘Bitcoin is resistant to volatility in the traditional market’ or ‘cryptocurrency never goes down’.
Another reason could behind the sudden price hike could be attributed to the reports that US Securities and Exchange Commission (SEC) might approve bitcoin exchange-traded product (ETF) in the next few weeks.”Bitcoin reached a 5-month high, trading above $55,000 just the day before. This comes as the Securities and Exchange Commission Chairman Gary Gensler echoed a similar rhetoric to the Federal Reserve, reaffirming the crypto industry that the US has no intention of banning crypto. Instead, Gensler hinted at regulating stable coins and urged crypto exchanges to register with the SEC. As traditional markets struggle with falling stock prices and the uncertainty of China’s property sector, investors turning to cryptos like bitcoin – evidence of digital asset’s continued resilience and safe-haven qualities,” said CoinDCX Research Team.
Other leading cryptocurrencies also gained hugely in the last 24 hours. Ether, the most prominent altcoin, surged to $3,539 on October 6. However, Cardano and Binance Coin slipped over the day. Shiba Inu cryptocurrency jumped nearly 80 per cent, all thanks to Tesla celebrity CEO Elon Musk.
“Altcoins have been rather sluggish overall when compared to the Bitcoin surge. Cardano(ADA) looks prepared to bounce off from the recently formed flag pattern. Benjamin Cowen, a well-known crypto analyst, believes that the price of Cardano has the potential to hit $20 in this cycle. Cardano could possibly get to $4.5 if it performed as well as Bitcoin, and to $9 if the price of Bitcoin crosses $150,000 levels,” said Siddharth Menon, chief operating officer, WazirX.
Here are the top cryptocurrencies and their prices on October 7, 2021 (data from coinmarketcap.com at the time of publishing the article)
Bitcoin – $55,077.67, 6.82 per cent up in the last 24 hours
Ether – $3,528, 1.20 per cent up in the last 24 hours
Binance Coin – $429.30 1.74 per cent down in the last 24 hours
Cardano – $2.16, 2.34 per cent down in the last 24 hours
Tether – $1.00, 0.04 per cent down in the last 24 hours
XRP – $1.06, 0.63 per cent down in the last 24 hours
Solana – $152.50, 4.76 per cent down in last 24 hours
Dogecoin: $0.2439, 2.16 per cent down in the last 24 hours
USD Coin $0.9996, 0.03 per cent down in the last 24 hours
Polkadot – $31.41 1.97 per cent up in the last 24 hours
The global cryptocurrency market capitalisation increased 2.97 per cent to reach $2.29 trillion on Thursday. The market volume climbed 32.48 per cent to $147.59 billion in the last 24 hours, a whopping rise in the last few months.
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