Key takeaways:
- The cryptocurrency market cap has increased by 3.36% in the last 24 hours and currently sits at $2.21T
- After a rollercoaster-type price action over the last month, Bitcoin is again trading above $50,000
- SHIB and DOGE memecoins are among today’s biggest gainers thanks to Elon Musk’s recent tweet
Over the course of the last seven days, the cryptocurrency market has been experiencing strong bullish momentum, with most coins posting double-digit gains. The cumulative value of assets in the market has grown by over $300 billion in the 7D period. A large share of the growth can be attributed to the stellar performance of Bitcoin, which has gained almost 20%.
After a turbulent month, Bitcoin is back above the $50,000 psychological barrier
After roughly a month, Bitcoin has managed to climb above the $50,000 mark. While the world’s largest crypto was still trading at $47,000 in the early hours of Tuesday, the subsequent rally has pushed the crypto towards the peak value in the last 30 days.
Given all that has happened over the course of the last month, Bitcoin’s latest rally can undoubtedly be considered an impressive feat and shows just how resilient BTC is.
To recap, on September 7, Bitcoin dropped to $43K as a cascading effect of liquidations saw 90% of longs worth $3.54B liquidated in the span of a few hours. The market managed to recover much of its losses in the following days, however, the fake news of Litecoin partnering with Walmart on September 14 provided another shock to the market.
On September 20, the market lost 9% and fell below $2 trillion as crypto got caught up in the selloff of Evergrande, a Chinese real estate giant. Again, the market managed to bounce back and recover much of its losses very quickly, however, it wasn’t for long. Just four days later, China announced a blanket ban on crypto, which pushed crypto prices towards a multi-week low and saw BTC price tumbling to $41,000.
Luckily, the month of October started off on a bullish note. The total crypto market cap again surpassed $2 trillion and Bitcoin rallied above $47,000. Since then, the bulls haven’t let up, and by today, Bitcoin is exchanging hands at $50K per coin.
A prominent Dutch financial investor with 25 years worth of experience in financial markets, which goes by the name of PlanB on Twitter, believes BTC could reach as high as $135K by the end of the year. The anonymous social media influencer, with nearly a million-strong Twitter following, correctly predicted the closing price of BTC in August as well as in September using a private stock-to-flow model.
Shiba Inu leads the list of today’s biggest gainers
Shiba Inu coin rallied to a 4-month high in the last 24, after Tesla CEO Elon Musk’s tweeted a picture of his new puppy in a Tesla car. The price of the Dogecoin spinoff increased by 67% and has grown to become the 48th largest coin, thanks to a $6.95 billion market valuation.
Dogecoin, the original memecoin, has also recorded a considerable increase, having gained 11% in the last 24 hours, which is good for 4th place on the list of today’s biggest gainers. DOGE is now up more than 5,000% since the start of the year.
