Bitcoin Hits $51,000 After It Gains 20% in First Days of October

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Created by TradeOr

3rd Party Analysis 06 Oct 2021

Key Takeaways:

  • Bitcoin retakes $51,000 after a month-long wait as October continues to deliver good returns
  • Alternative coins also move higher on Tuesday and early Wednesday as the rally is broad-based

Bitcoin Hits $51,000 After a 20% Gain This Month

After a month of downbeat performance, dealing with a China ban and a general bearish sentiment, bitcoin retook the $51,000 threshold. Moreover, the positive development so far in October has benefited the entire cryptocurrency market space.

The last time bitcoin gravitated above $51,000 was on Sep. 7 when El Salvador officially introduced bitcoin as national currency.

Broadly, since then, the crypto space moved above the $2.2tn market valuation, reaching over $2.22tn.

What’s the Price of Bitcoin?

Early on Wednesday, the price of bitcoin is floating around $51,500 mark with a session high of $51,840. Over the week, bitcoin has gained every day and is on pace to log its fourth straight session in the green. Furthermore, the price of the original cryptocurrency has been steadily rising for the past seven days.

In other words, since September 30, bitcoin has added nearly $10,000, or over 27% to its value. Still, the leading crypto asset remains about 25% away from the all-time high of $64,800 set on April 14.

Positive Outlook for Crypto

A recent report by Bank of America showed the sentiment toward cryptocurrencies is shifting to firmly positive. Not only that, cryptos are now “too large to ignore”, Bank of America says in its analysis on digital assets.

“We believe crypto-based digital assets could form an entirely new asset class. Bitcoin is important with a market value of ~$900bn, but the digital asset ecosystem is so much more,” the report says.

The news signaled institutional demand is increasing as the crypto market is becoming more mainstream.

How to Buy Bitcoin?

Buying bitcoin is now as easy as a few clicks. You can now experience the thrill of holding the digital asset and going on the volatile ride in crypto land. To do that, simply head over to our comprehensive guide on how to buy bitcoin.

How to Buy Alternative Coins?

Alternative coins have made waves this year as the crypto market has expanded to include many players. That being said, out there are many choices you could consider buying besides the flagship token. If you’re looking for knowledge on how to diversify your portfolio, visit our guide on the most popular altcoins.