Bitcoin Nears $58,000 as Bull Market Continues
Flagship cryptocurrency Bitcoin has topped $57,000 and is heading closer to $58,000 as the market bull run continues
The world’s number one cryptocurrency by market cap has added $257.58bn in capitalization in the first 11 days of October
The value of the cryptocurrency has been driven up by investors who are using it as a hedge against inflation
Since the market cap of Bitcoin fell to $824.62bn in September, the flagship cryptocurrency has added $257.58bn in market cap.
The world’s number one crypto asset by market cap has also gone from $43,790 to $57,900, adding more than 30% to its value in October.
The cryptocurrency crossed the $57,000 mark on Monday and continues to draw closer to touch $58,000.
According to Glassnode, the swift bull run in October can be attributed to a boost in BTC network activity.
A report from JP Morgan also declares that many investors have been drawn to the cryptocurrency as a hedge against inflation.
Despite the huge resurgence, the cryptocurrency remains some way off its all-time high of $64,000 which was attained in April 2021.
Despite BTC witnessing a resurgence in the past few days, the same cannot be said for the rest of the crypto market.
Other top cryptocurrencies have declined in the last 24 hours, bring the total market cap of Cryptocurrencies down by 1.46% to $2.3 trillion.