Bitcoin Price Recaptures Momentum, Breaks Above $63,000

Bitcoin Price Recaptures Momentum

Created by TradeOr

3rd Party Analysis 26 Oct 2021

Key Takeaways:

    • The price of bitcoin has been gaining steam since early Monday, topping $63,000
    • Anthony Scaramucci says anyone who does their homework on Bitcoin invests in it

    What’s Today’s News in Crypto?

    Bitcoin is keeping steady this week as market participants are optimistic toward the crypto outlook. Moreover, recent positive comments over the cryptocurrency market have buoyed the sentiment, helping sustain the rally.

    On that note, hedge fund manager Anthony Scaramucci compared bitcoin and its inherent volatility to the early days of Big Tech giants. “They all started with a wave of oscillating volatility before they stabilized,” he said, referring to Facebook, Amazon and Google.

    “Of course, they all yielded tremendous growth and great returns, which I think bitcoin will do.”

    Speaking to CNBC, Mr. Scaramucci went further to say that anyone who carefully studies bitcoin ends up investing in it. Against that backdrop, the founder of SkyBridge Capital owns over $1bn worth of bitcoin. Additionally, Anthony Scaramucci predicted the original cryptocurrency will grow into a “gigantic asset class”.

    What’s the Price of Bitcoin?

    That said, the market valuation of bitcoin has been steady near $1.2tn. In turn, the price of bitcoin is currently gravitating toward $63,000, up about half a percent on Tuesday. In more detail, the original cryptocurrency is on track to log its fourth straight day in the green.

    Since Saturday, bitcoin has been gradually grinding higher, adding about 6% to its price for that period. Crypto backers are aiming to recapture the strong upside momentum from last week which pushed bitcoin to a record.

    With this in mind, the leading digital asset is now floating about 6% away from its all-time high of $67,000 set Wednesday, October 20.

    How to Buy Bitcoin?

    The cryptocurrency market, analysts project, will continue growing now that Wall Street has embraced crypto alongside traditional asset classes. Furthermore, in addition to the Bitcoin ETFs now trading in the stock market, new crypto-linked products are expected in the broader market.

    In conclusion, buying bitcoin has become relatively easy and straightforward. That being said, are you looking to participate in the bitcoin revolution? Simply head over to our comprehensive guide on buying bitcoin where you’ll learn all you need to know.