Following a surge on Monday, the price of Bitcoin is now steady at over $55,000. Positive news and headlines in the crypto space pushed the leading cryptocurrency in the world to new highs. After the strong start of the week, the price has even jumped over $55K, sparking hopes that BTC would just blow by $60,000.
Mini dips have also been noticed allowing new and current investors to invest more. The total October gains are around 33%, and they came out of the blue. Before that, Bitcoin was locked in a major dip, with no bright light in the tunnel. The latest developments are a true example of how fast things in the crypto space can move.
No Major Moves Among Other Cryptos
What’s most surprising this time around is that the major move is fixed to Bitcoin only. No other cryptocurrencies have seen major developments. Ethereum, Cardano, Dogecoin, and Chiliz continue rising, but at a much slower rate than Bitcoin.
The latest BTC gains have resulted in a market cap of over $2.3 trillion. That means that Bitcoin is now more valuable than tech giants such as Google, Microsoft, and Amazon. It’s not ahead of Apple, though. Bitcoin’s most recent surge has reinstated belief in cryptocurrencies and gave wind to the claims that it’s on for a record-breaking 2021.
Early on Wednesday, Bitcoin’s surge took a bit of a hit, allowing altcoins to gain some ground. Solana, Polkadot, and Binance coin all went up by several percent, before Bitcoin took the center stage once again. Despite the tiny losses, Bitcoin remains in pretty good shape. It’s trading over 10% on a week-to-week basis, continuing the sudden surge that started at the beginning of October.
According to experts, the Chinese crypto crackdown had a positive influence on Bitcoin’s price. Those periodic shock tests are making the cryptocurrency stronger and more valuable, increasing interest in cryptos around the world. And that’s only the beginning since more good news are expected in 2022.
More Countries to Adopt Bitcoin Next Year?
Alexander Hoeptner, CEO of BitMEX, says that he expects 5 more countries to follow in El Salvador’s footsteps next year. Those will most likely be developing countries and emerging economic powerhouses, with Hoeptner mentioning Kenya and Brazil. Bitcoin is already legal tender in El Salvador after the country’s president made a bold move and took a big gamble on BTC.
As El Salvador works out the kinks in the rollout, governments will surely be eager to see what happens next. El Salvador took a leap of faith and is an experiment that could decide the future of Bitcoin. If successful, the global view on Bitcoin and cryptocurrencies will change for sure. If it falters, we may be in for dark times in the crypto space.
Whatever happens, we’re sure that other countries are exploring the possibilities of making BTC legal tender. The price hikes will definitely help its case for others to see it as a viable alternative to fiat money.