Bitcoin hits $50,000 for the second time in two months

2 min read | October 05, 2021 10:42 PM AEDT | By Manu Shankar

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Bitcoin hits $50,000 for the second time in two months — Image source: VideoFlow, Shutterstock.com

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Highlights

Bitcoin was trading at US $50,222.44 on Tuesday according to CoinMarketCap

The leading cryptocurrency was up by 5.47% in in the last 24 hours and 20.02% in the seven-day period. 

The latest price surge has pushed Bitcoin’s overall market capitalisation, which is knocking on the US $1 trillion, overtaking Facebook’s market value.

Leading cryptocurrency Bitcoin has once again breached the US $50000 mark. In September, the world’s leading cryptocurrency had managed to achieve the season’s high of US $53,000, before it dipped below US $50,000.

But almost a month later, it has once again crossed the mark and was trading at US $50,222.44, according to CoinMarketCap. At the time of writing (11:30 am) Bitcoin was up by 5.47% in in the last 24 hours and 20.02% in the seven-day period. Bitcoin as per CoinMarketCap was trading at a volume of US $35,137,663,642 with a live market cap of US $946,352,659,179.

Also read: Binance Trading Volume On The Rise Despite Crackdown

The latest price surge has pushed Bitcoin’s overall market capitalisation, which is almost US $1 trillion, overtaking Facebook’s market value.

Crypto Market Cap sees an increase

Bitcoin’s phenomenal rise saw an overall cryptocurrency market cap increase by 3.88% and was at US $2.20 trillion. Other cryptocurrencies too have a favourable Tuesday with Ethereum, Cardano, Binance Coin, Dogecoin etc. all registering profitable gains in the intraday trading session.

While Ethereum was trading at US $3,453.61 registering gains of 3.34%, Cardano was trading at US $2.24 registering gains of 2.93%, respectively.

Conclusion

Market participants are predicting a bullish October with many of them even terming the month as ‘Uptober’. Investors, traders, and market participants will hope that this bull run continues and achieves its previous high of US $65,000, which the cryptocurrency had seen in April earlier this year.

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