Bitcoin has managed to break the $50,000 mark, breaking a series of lower price highs over the past month.
This is the first time the price of a major cryptocurrency on the market has surpassed $50,000 since September 7, 2021, when El Salvador pioneered the legalization of Bitcoin as legal tender. Shortly thereafter, by September 21, the coin fell to the level of $40,000 dollars amid the problems of the Chinese real estate market that affected the global economy at the end of September. Then the Celestial Empire decided to “finish off” the asset by introducing a total ban on cryptocurrency activities in the country.
On September 28, the market indicator of investor sentiment moved into the "extreme fear" zone. At that time, Bitcoin was teetering on the brink of falling below the $40,000 mark, which marked the “bottom” of the correction. Over the past week, the growth of the main cryptocurrency was more than 21%, so jokes about Uptober are becoming more relevant than ever.
The CoinShares report notes that institutional investors added about $69 million to their crypto funds from September 27 to October 1, and more than $90 million to products based on the new asset class. Analysts stressed the presence of positive dynamics for the seventh consecutive week. During this time, total investments have crossed the $411 million mark, although the trading volume remains less impressive than the peak values of this May $2.4 billion versus $8.4 billion. Ethereum funds, meanwhile, have raised $20 million in cash.
Now the value of the main crypto-asset is $50,034 on Huobi, showing an increase of 5.12% over the past 24 hours. Market capitalization at the same time increased by 5.28%, exceeding $942 billion, and the trading volume increased by 30%.
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