Bitcoin Rises Near $50,000 as the Uptober Rally Gains Steam

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Created by TradeOr

3rd Party Analysis 05 Oct 2021

Key Takeaways:

  • The price of bitcoin advanced to levels near $50,000 on Tuesday, almost a one-month high
  • The Uptober buying momentum accelerates as the crypto market almost reaches $2.2tn

What’s Today’s News in Crypto?

Bitcoin, the largest cryptocurrency in the market, attempted to regain the $50,000 level early on Tuesday. The move extended bitcoin’s upside swing over the past few days as the vibe of Uptober has carried on.

In more detail, the price of the original cryptocurrency jumped to a session high of $49,715 per token. The market is looking attractive this week as it is now aiming to climb over the $2.2tn market cap threshold.

What’s the Price of Bitcoin?

In the past few hours, the buying momentum has eased and bitcoin has been trading sideways. Presently, the price of bitcoin hovers near $49,500, slightly below its Tuesday peak. Nevertheless, the positive sentiment remains robust for the month of October.

How to Buy Bitcoin?

As bitcoin has been in the spotlight for quite a while, it’s become fairly easy to get a piece of it. If you’re looking for ways to join the fast-developing crypto market, head over to our Buy Bitcoin guide. There you will find all the basics you need to know for buying bitcoin.

What is the Future of Cryptocurrency?

The entire crypto market has been positive in the last few days. With October already here, crypto market enthusiasts hope the sizeable gains from earlier this year would continue. That being said, several factors are contributing to this month’s impressive crypto performance.

Looking back to the previous week, El Salvador discovered an innovative and renewable way to mine bitcoin through volcanos. Moreover, the Federal Reserve Chairman Jerome Powell said he had no intention to ban bitcoin like China did in late September.