Bitcoin Returns to 1B Market Cap as Price Explodes to $ 55,000 USD
It’s a good day for Bitcoin bulls as the $ 56,000 mark and a trillion dollar market capitalization return to the limelight.
The price of Bitcoin (BTC) rose again on October 6, and its spot price suddenly surged to more than $ 55,000 USD, its highest level since May 12.
Bitcoin daily chart (BTC / USD)
Bitcoin fully recovers China’s mining defeat
The price broke above the previous resistance for the bulls at $ 53,000 USD, which Bitcoin reached and then reversed nearby during its previous surge in early September.
However, amid several requests for $ 57,000 USD in the short term, the futures markets have been fluctuating with aggressive volatility.
CME Group’s Bitcoin futures, which were previously trading at $ 400 above the spot price, broke during the sharp breakout.
Bitcoin Futures CME Group daily chart
In doing so, Bitcoin has completely removed all traces of what the Chinese mining ban achieved in May and has returned to being a trillion-dollar asset class.
No loss of confidence
The enthusiasm of market participants, with long-term Bitcoin price projections firmly bullish, was impossible to avoid.
“Honestly, I think we will continue to see the strength of Bitcoin,” said Cointelegraph contributor Michaël van de Poppe.
“USDT pairs will be fine with altcoins, but we may have 6-8 weeks of corrections in BTC pairs, before a new game starts. December / January is usually the best time to buy altcoins. ”
As Cointelegraph reported, November could see a further pullback for Bitcoin if the price retests all-time highs this month.
Par William Suberg, Cointelegraph
William Suberg got into Bitcoin while completing his master’s degree and hasn’t looked back since, writing about everything cryptocurrency that makes him sit back and get your attention. He began working with Cointelegraph in October 2013.
The opinions expressed here are solely those of the author and do not necessarily reflect the views of Forex Quebec. Every investment and business move carries risk, you should do your own research when making a decision.
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