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Highlights
- Bitcoin witnesses positive trends at the beginning of Q4 with massive price gains in the past week.
- Analysts predict the price momentum to continue till year end, though with slight caveats.
- Other cryptocurrencies like Ethereum, Binance Coin, Dogecoin, Solana, etc., too, are shooting up the charts this week.
The price of the world’s largest cryptocurrency, Bitcoin, has zoomed up more than 32% in the last-week period, leading to its highest price increase since May. On Thursday, the crypto climbed 7% from Wednesday and was valued at US$55,109.
Related Read: Bitcoin surges past $50,000 for the second time in two days
On 8 October, at the time of writing, Bitcoin was priced at US$53,878.86, down by 2.03% in the last 24 hours, however, gaining 23.49% in the last seven days.
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Analysts suggest further price escalation in coming days on the grounds of market buoyancy and the current trading momentum, thereby leading to increased buying of the digital asset.
Other cryptos too experienced a price rise
Meanwhile, prices of other cryptos like Ethereum, Dogecoin, Binance Coin, Solana, and Shiba Inu, etc., are also shooting up, with a price increase of 15-30% over the last week.
Interesting Read: Why these 11 nations do not tax Bitcoin gains
With this, the overall cryptocurrency market now stands around $2.2 trillion, a surge of more than 15% since the beginning of the current month.
At the time of writing, on 8 October, prices of the following were recorded:
Ethereum stood at US$3,571.66, up 19.05% in the last seven days.
Binance Coin at US$431.79 climbed 11.93% since last week.
Solana, at US$153.08 surged 9.26% in the past seven days.
Dogecoin, at US$0.2434, gained 19.76% in the last week.
Shiba Inu, at U$0.00002285, skyrocketed by 217.32% in the last seven days.
Related Read: How are Bitcoin, Ethereum’s prices moving amid the Chinese crackdown?
Bitcoin to continue to remain elevated in the rest of Q4
Looking at prevailing trends, crypto analysts are forecasting a solid ending for Bitcoin in 2021.
Do Read: Where Is Bitcoin Headed After Its Latest Jump Past $55K?
One such price prediction model had accurately predicted Bitcoin’s price trajectory in August and September and continues to suggest upward trends in coming months, wherein Bitcoin might hit six figures before Christmas, however, there may be a few red flags in between.
Do Read: Can Bitcoin emerge stronger post China ban?
Bottom Line
Though one may sometimes experience volatility, Bitcoin is still the safest bet for crypto investors as regulations across the globe stiffen over the crypto market.
