Market value of Bitcoin once again surged from the very beginning of the week. It happens to occur amidst some fresh waves of positive news on crypto assets.
World’s largest crypto managed to exceed a $57,000 valuation on Monday. It’s the highest mark for the currency in five months to push its overall gains.
In fact, BTC checked nearly 32% total increase in pricing by October alone. However, the value dipped below $57,000 on Tuesday only to continue its rally upward.
A mysterious investor or a group of investors already placed an order on a crypto exchange platform. The confirmed order values about $1.6B to make headlines in the market. Such a large volume trade almost immediately contributed to the overall increments.
Abrupt gains of BTC price also influenced other associated cryptos to increase. Ethereum, Cardano, Dogecoin – all major currencies are holding week-long steadiness.
It managed to cover nearly $2.3T market caps to surpass Amazon, Google & Microsoft prices. Only Apple remains ahead of the crypto market by a mere $50B.
October has been a great month for cryptocurrency-related assets, especially bitcoin. Even some slight negativity couldn’t affect the pricing to cause a chaotic plunge.
El Salvador has already set history by approving BTC as legal currency. The CEO of Bitmex predicts five more developing countries will adopt bitcoin by 2022. He denotes inflation, remittance fees & political factors to drive the adoption.
Meanwhile, a specialist claims the overall positivity of the crypto world from the China crackdown. His observation coincides with periodic shock tests to continue strengthening cryptos.
A crypto analyst predicted the investors’ interest in taking large positions from now. An unconfirmed approval from the US Securities & Exchange Commission (SEC) holds the fact.
It concerns a possibility of futures-based BTC Exchange-Traded Fund (EFT). But an officially confirmed announcement would surely surge the prices much higher.
Authorities have already admitted cryptocurrency influence. That’s where the assets are getting further attention from the investors. It’s yet to see how much the cryptos will achieve by the end of October.