Bitcoin is finally getting back on track, after a horrible month of September, which has seen its value go to as low as $43k.
In the last 24 hours, the asset is up 4.67%, close to the $50,000 point that it had hit a while back, but it looks like its value is about to increase even further.
Farewell, September!
It is no secret that the month of September, historically viewed, brings bad luck for the crypto market. Looking back in the past few years, Bitcoin’s price was always declining in September, and this year was no different. Things were further worsened when China reiterated the rough stance on cryptocurrencies. Consequently, there was a massive value loss of all cryptocurrencies, and the market was in the red for most of the past few weeks. While there was certainly fear and uncertainties about whether Bitcoin’s price would hit new lows or get up again, investors and the entire Bitcoin community remained optimistic. And for a good reason.
The low volatility helped digital assets get the needed push this weekend, as it normally happens during the weekends, and prices started recovering at the start of the new month and the new week. Monday is usually the day for trading, so it was not long after, when Tuesday arrived, that the crypto market finally learned about some good news.
Bitcoin’s value was up 4.67%, meaning it is back to $50,000. With that, the values of other cryptocurrencies recovered as well, so it is safe to say that better prospects await the crypto market. Stay with us to learn how it all went down.
Bitcoin’s Price Goes Back to $50K
After a very long month of chokehold, the entire Bitcoin market can now take a breather, since the asset has regained its value in the last 24 hours, and is back to a little below $50,000, as it was not so long ago.
The recovery trend has started, the trading volume has continued going up, prices have recovered and in the last five days, Bitcoin’s value is up again, by $7k. What’s interesting, though, is that coin holders have not, despite the September crash, given up on their coins, since records show low exchange balances. This means the hold sentiment remained amongst investors and the entire Bitcoin community.
It looks like the asset is about to reach a whole new all-time high, since it has maintained the upward momentum, after the break it took in the past four weeks. Bulls are about to take it to and above $52,000, set towards $60,000.
The thing is, traders are back with the news about the value recovery, moving up 29 points on the index. Investors are likely to start investing even more in it before it reaches new heights, and the buying pressure is obvious. By extension, expectations are that Bitcoin’s value will increase again, and the entire crypto market will most certainly gain from the buying pressure. The market cap currently sits at $939 billion.