Cryptocurrency

Bitcoin Jumps Above $50,000 Again

Bitcoin Jumps Above $50,000 Again

  • The world’s number one crypto asset Bitcoin has jumped above $50,000 as the crypto market continues its bullish movement in October
  • The new price range means that the cryptocurrency has recovered almost all its losses in September when it fell from $52,850
  • The bullish momentum of the market asserts chain analytics data that points to the accumulation of the cryptocurrency

Flagship cryptocurrency Bitcoin has climbed above the $50,000 mark for the first time since the 7th of September when the market came crashing down.

The current price movement indicates that October has lived up to its reputation as a bullish month for cryptocurrency assets.

This new trading zone means that almost all the losses of September have been recovered, from when the token fell 24.72% from $52,850 to $39,787.

Bitcoin

The recent bullish movement can be attributed to data from on-chain analytics that reveals the accumulation of Bitcoin.

On-chain analysts’ expert William Clemente has disclosed that wealthy investors have been buying up the flagship crypto since July.

Read also: Meme Crypto Shiba Inu Gains 45% as Elon Musk Tweets Support

Data from Binance reveals that BTC reached $50,270 following its breakout but it is currently trading at $50,000.

Asides from Bitcoin, other cryptocurrencies have followed in the movement of the world’s largest crypto asset to add to their value.

Cryptocurrency

Ether, BNB, ADA, and Dogecoin are up 2.6%, 4.58%, 1.97%, and 9.75% respectively.

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