Bitcoin Jumps to $55,000, Highest in 5 Months
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Bitcoin jumped to a five-month high of $55,000 on Wednesday afternoon, continuing its rally from Tuesday
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The flagship cryptocurrency reached $55,499 earlier in the day before dropping below the 55k landmark again
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With the latest movement, BTC is up 13% this week and 87% for the year
The world’s number one cryptocurrency Bitcoin jumped above $55,000 on Wednesday, reaching a 5-month high.
The coin reached $55,499 following a breakout from resistance around $52K. It’s up 13% this week and 87% for the year.
The flagship cryptocurrency picked up from where it left off on Tuesday having crossed $52,000 in a bullish run.
According to Coin Metrics, the coin later dropped to $54,578.38 but it remains 7% up in the last 24 hours.
The second-largest crypto by market cap, Ether also followed BTC’s movement, adding 3% to reach $3,585.25.
Read also: Inside the Cryptocurrency Rehab Clinic for Crypto Addicts
Lately, the cryptocurrency market has received boosts. The most recent being Securities and Exchange Commission chairman Gary Gensler saying that he has no intention to ban Bitcoin.
Gensler made this statement in a hearing of the House Financial Services Committee, mirroring comments made by Federal Reserve Chairman Jerome Powell on Friday last week.
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