Bitcoin Skyrockets to $47,000 as Market Booms

• The entire crypto market is suddenly soaring again after a week of back and forth movement

• Bitcoin has added 10% in the past 24 hours, moving above $47,000 for the first time since the beginning of September

• Other cryptocurrencies have also leaped higher with Ethereum climbing above $3,200 and Binance coin reaching $400

After a month of numerous ups and downs, the prices of Bitcoin and other cryptocurrencies are beginning to skyrocket again.

The flagship cryptocurrency has added 10% to its value in the last 24 hours, moving above $47,000 since Friday morning.

Other major cryptocurrencies also leaped higher within that time. Ethereum added 9% to reach $3,200 while Binance coin added 11% to reach $415.

The sudden rally that has increased the value of the top 10 cryptocurrencies, has pushed the market cap of cryptocurrencies above $2 trillion yet again.

Read also: Elon Musk Warns US Government to Leave Bitcoin Alone

Although the exact reason for the sudden rise in the market remains unknown, many have indicated that it might be due to comments made by the chair of the Federal Reserve Jerome Powell.

Powell has stated that the U.S. wouldn’t follow in China’s footsteps in banning bitcoin and other crypto assets.

Others believe that the rise is a result of the bearish month of September coming to an end. September has been known to be a poor month for cryptocurrencies and this year also lived up to that.

At the time of this report, the global crypto market cap is $2.07 trillion, up by 8.11% in the last 24 hours.

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