The main takeaway:
- The Cryptocurrency Market Cap has increased by 3.36% in the past 24 hours and is currently $2.21 trillion
- After a roller coaster-type price movement over the past month, Bitcoin is trading again above $50,000
- SHIB and DOGE memecoins are among the biggest gainers today thanks to Elon Musk’s recent tweet
Over the past seven days, the cryptocurrency market has seen a strong bullish momentum, with most coins posting double-digit gains. The cumulative value of the market assets has grown by more than $300 billion in the 7D period. Much of the growth can be attributed to the excellent performance of Bitcoin, which has gained close to 20%.
After a turbulent month, Bitcoin is back above the psychological $50,000 mark
After nearly a month, Bitcoin managed to climb above the $50,000 mark. While the world’s largest cryptocurrency was still trading at $47,000 in the early hours of Tuesday, the subsequent rally pushed the cryptocurrency towards its highest value in the last 30 days.
Considering everything that has happened over the past month, Bitcoin’s recent rally can undoubtedly be considered an impressive achievement and shows how resilient BTC is.
To summarize, on September 7, Bitcoin fell to $43,000 as a cascading effect of liquidations as 90% of $3.54 billion long positions were liquidated within a few hours. The market was able to recover much of its losses in the following days, however, the fake news of Litecoin’s partnership with Walmart on September 14th delivered yet another shock to the market.
On September 20, the market lost 9% and fell below $2 trillion as the cryptocurrency engaged in the sale of Evergrande, the Chinese real estate giant. Once again, the market was able to recover and recover many of its losses very quickly, however, it was short-lived. Just four days later, China announced a blanket ban on cryptocurrency, sending cryptocurrency prices to multi-week lows and seeing Bitcoin drop to $41,000.
Fortunately, October started in an uptrend. The total cryptocurrency market cap once again exceeded $2 trillion and Bitcoin rose above $47,000. Since then, the bulls have not given up, and as of today, bitcoin is being traded at $50k per coin.
A prominent Dutch financial investor with 25 years of experience in the financial markets, which is called PlanB On Twitter, he thinks BTC could reach It will reach $135,000 by the end of the year. The anonymous social media influencer, with nearly a million followers on Twitter, correctly predicted the closing price of BTC in August as well as in September using a private equity flow model.
Shiba Inu tops the list of today’s biggest gainers
The Shiba Inu coin has risen to a 4-month high in the last 24, after Tesla CEO Elon Musk Tweet a picture of his new puppy In a Tesla car. The price of Dogecoin rose by 67% and grew to become the 48th largest coin, thanks to a market valuation of $6.95 billion.
Dogecoin, the original memcoin, also posted a big increase, having gained 11% in the past 24 hours, which is good for fourth place on the list of today’s biggest gainers. The DOGE rate is now up more than 5,000% since the beginning of the year.
David is a cryptocurrency enthusiast and an expert in personal finance. He has authored several publications for different platforms. He loves to explore new things, and this is how he discovered blockchain in the first place.