October’s arrival has sparked renewed optimism that the crypto market’s bull run will continue — and many analysts now expect Bitcoin to hit $100,000 by the end of the year.
Bitcoin managed to punch through stubborn resistance at $50,000 on Monday.
That’s the first time the world’s biggest cryptocurrency has headed above this psychologically important price level in almost a month.
BTC was last above $50,000 on Sept. 7, when El Salvador embraced the digital asset as legal tender. Later that day, it suffered a sharp pullback.
October’s arrival has sparked renewed optimism that the crypto market’s bull run will continue — and many analysts now expect Bitcoin to hit $100,000 by the end of the year.
The surge came despite the news that the SEC is delaying a decision on whether to approve four Bitcoin ETFs until later this year.
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Market Update
Bitcoin’s push above $50,000 means that it’s one of the best-performing cryptocurrencies on a 24-hour timeframe.
As of 11am UK time on Tuesday, BTC had gained 5.24% in the past 24 hours. By contrast, ETH was up 2.89%, BNB had increased by 3.61%, and ADA received a 2.19% boost. SOL was flat.
Strength in Bitcoin’s performance tends to divert attention away from altcoins with a smaller market cap.
The total market cap of all cryptocurrencies currently stands at $2.195 trillion.
The latest CoinMarketCap data suggests that Bitcoin’s dominance stands at 43.1%, compared with 41.2% a month ago.
