Baxia Markets
October 07, 2021

Bitcoin skyrockets past $55000 amid new support

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Bitcoin prices soared to their highest levels in months in just a few hours on Wednesday, adding to weeks of modest gains amid a flurry of positive developments for the recently struggling market, with U.S. Bank and Bank of America among the most recent legacy financial institutions to embrace the space. Though it's still around 15% below its all-time high in April, the world's largest cryptocurrency outperformed the market on Wednesday, with ether, Cardano's ADA, and Binance coin all rising roughly 6%, 2%, and 1%, respectively, over the past 24 hours.




The bitcoin price increase comes just one day after it surpassed $50,000 for the first time in four weeks. Despite concerns about a crackdown in China and the likelihood of harsher laws in the United States, Bitcoin and other cryptos have risen strongly this year. This is due to reasons such as rising interest rates and larger financial organizations investing in digital currencies. The total value of all bitcoins in circulation has risen past $1 trillion, surpassing the market capitalization of Facebook (FB). And the total value of all cryptocurrencies in circulation is $2.3 trillion, which is equal to the market capitalization of the most valuable stock: Apple (AAPL).


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