Bitcoin rally: Crypto king tops $57,000 price mark first time in five months

Bitcoin was trading at $57,481, up 4.28 per cent in the 24-hour period, with a market cap of $1.08 trillion, at the time of filing this report. Representative image

The recovery in Bitcoins’ price from September 30, 2021, till last week scaled further on Monday to break the $57,000- mark for the first time in five months, showed data from CoinMarketCap. Bitcoin had last touched the $57,000 price level on May 10, 2021, after which it slipped to under $30,000 in July. The crypto king recovered before facing resistance at $52,000 and is now rising above $56,000 resistance. Bitcoin is up around 14 per cent over the last week and as per CoinDesk data and sees resistance between $58,000 and $60,000. Bitcoin was trading at $57,481, up 4.28 per cent in the 24-hour period, with a market cap of $1.08 trillion while Ethereum stood at $3,601, up 1.29 per cent, with a market cap of $423 billion, at the time of filing this report.

“Bitcoin has touched this mark before and it will continue to do so in the future. That’s how cryptos work. What’s more important is the investors reacting in a mature way. They are less greedy and more logical in their approach. This means there’s no panic buying or selling and thus no volatile dips. Bitcoin’s bull-run 2021 has begun and it’ll end on a high note by the year-end. This is good for cryptos’ future,” Vikram R Singh, CEO at blockchain solutions company Antier Solutions told Financial Express Online.

Also read: Crypto country: India among top 10 nations with most awareness, interest in cryptocurrencies, says report

Over the past week, while Bitcoin recorded a nearly 21 per cent price rise, Ethereum posted a 7.8 per cent jump. Other significant jumps in the top 10-crypto bracket were 12.5 per cent by XRP, 13.4 per cent by Polkadot, 215 per cent by Shiba Inu, 51 per cent by Fantom, 29 per cent by Mdex, etc. In contrast, Solana dropped by 10 per cent, Terra by 15 per cent, Avalanche by nearly 14 per cent, etc., at the time of filing this report based on CoinMarketCap data.

Bitcoin is likely to end 2021 at $66,284 and by December 2030 it is expected to go up to $4,287,591 but “the average is skewed by outliers – when we look at the median price prediction, the 2030 price forecast comes down to $470,000,” according to a survey of crypto experts published in July month by the UK-based personal finance platform Finder.

The suggestions/recommendations around cryptocurrencies in this story are by the respective commentator. Financial Express Online does not bear any responsibility for their advice. Please consult your financial advisor before dealing/investing in cryptocurrencies.

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