Bitcoin Kickstarts the Week with a 5% Gain to Top $57,000

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Created by TradeOr

3rd Party Analysis 12 Oct 2021

Key Takeaways:

  • Bitcoin price hit $57K on Monday, extending its solid October gains to a strong start of the week
  • The leading crypto has had only three down days in the past two weeks, up 33% this month

What’s Today’s News in Crypto?

Bitcoin, the leading cryptocurrency, is on a tear this month. After a strong uptrend in the first days of October, the market continues to climb aggressively for a second straight week. In more detail, the price action in the first two weeks of October has considerably boosted the flagship token.

The strong start of the week comes after a stellar performance in the early days of October. In other words, the “Uptober” vibe is still only in its second week.

That said, a series of positive developments over crypto has lifted the entire market. But bitcoin, in particular, has been among the biggest winners in this month’s rally.

While the fourth quarter has benefited bitcoin by a generous 33% upside, ether is higher by 20% for the period. The second-largest coin in the crypto market has been moving sideways over the past week, floating near $3,500 a coin.

What’s the Price of Bitcoin?

The price of bitcoin has been on a steady climb in the past couple of weeks. Moreover, the orange coin pushed to a new monthly high of $57,400 on Monday. The price level was last seen in early May.

It’s worth noting that the price of bitcoin now hovers about 13% away from its all-time high of $64,800 set April 14. The recent wave of new billions lifting bitcoin is coming after the crypto market outlook has brightened significantly.

The latest news to weigh on the fast-emerging crypto space is a potential regulatory framework from the White House. The Biden administration is working on introducing rules related to bitcoin and the broader crypto market, a Bloomberg report says.

In practice, an executive order on crypto would present a strategy for cryptocurrencies to be traded in a regulated environment. With that in mind, crypto enthusiasts are hopeful the new rules would be crypto-friendly and allow the rally to resume.

How to Buy Bitcoin?

With crypto markets growing more popular by the day, it’s easier than ever to get your hands on some bitcoin. Prior to doing this, however, make sure you familiarize yourself with details over how exactly you should approach your bitcoin purchase. On that note, we welcome you to visit our 2021 Bitcoin Buying Guide that will lead you through the process.