Animal spirits have revived Bitcoin after token rose by about 32% within the last seven days to levels seen last five months. The rally compares the pedestrian performance of traditional assets such as stocks, bonds, and gold in the period of high inflation and slowing economic growth. Bitcoin [BTC] was slightly exchanged for about $ 55,040 USD, which is +10.343% up for the day.
The development of Bitcoin has overcome China’s ban on cryptocurrency transactions and the turmoil surrounding El Salvador’s problematic issuance of digital currency as an official tender. Optimists point out how crypto seems to be gaining popularity on Wall Street as an asset in itself, as well as comments from U.S. regulators. They have alleviated much of the fear of being overlooked.
Bulls have shown “amazing resilience” and “high-time highs don’t look too far,” said Craig Erlam, Oanda’s chief market analyst.
Other currencies have also risen: Ether, Binance Coin, Solana, and Dogecoin have risen sharply in the past seven days, according to tracker Coinmarketcap. Bitcoin trading prices are two-thirds higher than Ether since the beginning of October, according to crypto exchange Kraken.
Now that Bitcoin has exceeded $ 50,000, “we expect the bull to run it to bring it to higher ground in the fourth quarter,” Leah Wald, chief executive of Valkyrie Investments, a special asset management company, said in a Bloomberg QuickTake video.