Key takeaways:
- Bitcoin reached a cycle high of $55,556 on Wednesday, before retracing to $54,200 by press time
- The latest BTC rally pulled the market cap above $2.3T mark and made BTC a trillion-dollar asset
- October has brought considerable bullish momentum
Bitcoin continues its stellar performance that started at the beginning of October and has managed to break into the $55,000 price territory for the first time since May. Yesterday’s peak value of $55,556 marks a cycle high and the highest Bitcoin value in the last 21 weeks.
Bitcoin grows by 25% since the start of the month
On October 1, BTC was still trading at $43,800. What followed was absolutely explosive price action, which saw BTC reach a cycle high and gain more than 25% in the span of 7 days.
On Tuesday, Bitcoin managed to break $50K, however, the price has stayed relatively stable for the next 24 hours, with many people in the community wondering where it will go from here. The answer came in the early hours of Wednesday, when the world’s largest crypto went on a tear and went from $50,400 to $54,700 in the span of three hours. BTC managed to reach over $55,500, before it dipped to $54,200 at the time of this writing.
The total market cap is rapidly approaching new ATH
As Bitcoin accounts for by far the largest share of the cumulative value of crypto assets, it comes as no surprise that the overall market cap increased drastically on the heels of BTC’s latest rally.
In the last 24 hours, the market recorded a 5.43% gain, good for a $2.33T valuation. Looking at a 7-day chart, we can see that the market has grown by more than $400B. If the market grows by just half as much as it did over the last week, we will see the highest crypto market valuation in history.
When looking at the chart of the top 100 largest coins by market cap, 93 out of 100 projects are trading the green zone over the last week. Several coins managed to renew their respective ATHs in the last week due to fundamental reasons combined with overall positive market sentiment.
