The main takeaway:
- Bitcoin reached a session high of $55,556 on Wednesday, before rebounding to $54,200 by press time.
- The recent rally in BTC pulled a market cap of over $2.3 trillion and made BTC a trillion dollar asset
- October brought great bullish momentum
Bitcoin continues its stellar performance that started at the beginning of October and managed to break out of the $55,000 price area for the first time since May. Yesterday’s peak value of $55,556 marked a cycle rally and the highest value of Bitcoin in the last 21 weeks.
Bitcoin grows 25% since the start of the month
On October 1, BTC was still trading at $43,800. What followed was a very explosive price action, which saw BTC reach a high cycle and gain more than 25% within 7 days.
On Tuesday, Bitcoin managed to break $50K, however, the price remained relatively stable for the next 24 hours, with many people in the community wondering where to go from here. The answer came in the early hours of Wednesday, when the world’s largest cryptocurrency crashed and rose from $50,400 to $54,700 in three hours. BTC managed to reach over $55,500, before dropping to $54,200 at the time of writing.
Total market capitalization is fast approaching the new ATH
With Bitcoin accounting for by far the largest share of the cumulative value of crypto assets, it comes as no surprise that the overall market capitalization has surged exponentially in the wake of the recent BTC rally.
In the last 24 hours, the market posted a gain of 5.43%, which is good for a $2.33 trillion valuation. Looking at the 7-day chart, we can see that the market has grown by more than $400 billion. If the market only grows by half over the past week, we will see the highest valuation of the cryptocurrency market in history.
Looking at the chart of the 100 largest coins by market cap, 93 out of the 100 coins are trading in the green over the past week. Several coins managed to replenish their ATHs in the past week due to fundamental reasons along with the generally positive market sentiment.
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.