It’s full bull all over again as $56,000 and a trillion-dollar market cap become the focus again for Bitcoin bulls.
Bitcoin (BTC) surged even higher on Oct. 6 as its spot price saw a sudden surge upward to over $55,000, its highest since May 12.
Data from Cointelegraph Markets Pro and TradingView shows BTC/USD hurtling to $55,500 on Oct. 6.
The level beats a previous line in the sand for bulls at $53,000, which Bitcoin reached and then reversed nearby during its previous uptick in early September.
Amid various calls for $57,000 to be hit in the short term, however, futures markets fluctuated in step with aggressive volatility.
CME Group Bitcoin futures, previously trading a full $400 above the spot price, were overtaken during the abrupt breakout.
In so doing, BTC/USD thus fully removed any trace of what China’s ban on mining had achieved in May and became a trillion-dollar asset class again.
Enthusiasm among market participants, with longer-term BTC price projections firmly bullish, was impossible to avoid.
Source: cointelegraph.com
Coin | Change(%) | Price | Volume (24h) |
---|---|---|---|
Bitcoin (BTC) | 3.71 | $72,084.86 | $45.5B |
Ethereum (ETH) | 3.43 | $4,038.91 | $20.8B |
XRP (XRP) | 18.52 | $0.727106 | $4.4B |
Solana (SOL) | 1.58 | $147.242060 | $3.8B |
Binance Coin (BNB) | -2.22 | $519.52 | $3.0B |
USD Coin (USDC) | 0.03 | $0.999697 | $2.4B |
Dogecoin (DOGE) | 0.96 | $0.174374 | $2.1B |
Shiba Inu (SHIB) | -2.92 | $0.000033 | $1.7B |
Floki Inu (FLOKI) | -7.67 | $0.000267 | $1.3B |
Avalanche (AVAX) | 13.16 | $47.596296 | $1.2B |