Bitcoin returned above $50,000 this week for the first time since early September, following a market-wide resurgence.
The cryptocurrency reached above $55,000 on Wednesday, with the latest price gains coming after bitcoin briefly fell below $30,000 at the end of July. Bitcoin is now less than $10,000 away from the all-time price high it experienced in mid April.
Other leading cryptocurrencies have mirrored bitcoin’s fortunes in recent weeks, with Ethereum (ether), Binance Coin and dogecoin all rising by between 15-30 per cent since this time last week.
The overall crypto market is now valued at nearly $2.2 trillion – up more than 15 per cent since the start of October.
After a poor September, some analysts are predicting a strong end to 2021. One price prediction model, which proved remarkably accurate in August and September, puts bitcoin on track to hit six figures before Christmas, though there are some caveats.
We’ll have all the latest news, analysis and expert price predictions right here.
Bitcoin and Ethereum set for ‘ludicrously strong’ end to 2021
Throughout the crypto market dip between late April and August, many analysts and cryptocurrency experts remained relentlessly bullish about bitcoin’s price potential in 2021.
One of those is Nick Spanos, a renowned crypto innovator and co-founder of Zap Protocol, who believes leading cryptocurrencies are set for a record-breaking end to the year.
Today he tells us that bitcoin and Ethereum (ether) are in for a “ludicrously strong” October, November and December. Here’s what he had to say:
Anthony Cuthbertson7 October 2021 15:44
Baby Shiba Inu coin moons 1,000% in price
While the majority of the crypto market settles after a bubbly few days, one meme coin has bucked all trends to shoot up 1,000 per cent over the last 24 hours.
Baby Shiba Inu has risen from $0.0000000026 to above $0.000000029, ranking it among the top 3,000 cryptocurrencies on CoinMarketCap’s index.
While the gains are only of a fraction of a per cent of a US cent for the dogecoin-inspired cryptocurrency, it is still a remarkable rise for what is essentially a joke of a joke. One reason for the sudden burst could be Elon Musk’s new Shiba Inu puppy, which he has been tweeting about this week.
Anthony Cuthbertson7 October 2021 14:57
George Soros fund reveals it owns bitcoin
The hedge fund of billionaire investor George Soros has revealed that it owns bitcoin.
The revelation comes amid a major uptick in cryptocurrency from institutional investors in 2021, which has helped push bitcoin’s price up and solidify support to prevent it falling too far when its value drops.
“We own some coins – not a lot. The coins themselves are less interesting than the use cases of DeFi and things like that,” said Soros Fund Management CEO Dawn Fitzpatrick.
“I’m not sure bitcoin is only viewed as an inflation hedge here. I think it’s crossed the chasm to mainstream.”
Anthony Cuthbertson7 October 2021 12:34
Salvadorans stock up on bitcoin
The president of El Salvador has revealed that people in the Central American country are now buying more bitcoin than they are withdrawing.
It’s been roughly one month since El Salvador became the first country in the world to adopt bitcoin as legal tender, and the $30 of cryptocurrency each citizen was given through the Chivo wallet app at the time is now up around 10 per cent.
President Nayib Bukele has faced criticism from political opposition for the bold move, though the recent price surge appears to have quietened critics thanks to the wealth it has at least temporarily generated for Salvadorans.
Anthony Cuthbertson7 October 2021 07:41
Bitcoin consolidates price gains
The price of bitcoin has steadied at just under $55,000 on Thursday morning, consolidating the massive gains made on Tuesday and Wednesday.
The cryptocurrency is now less than $10,000 away from it’s all-time high, and if it sees the same gains over the next seven days as it did during the last week, then it will smash past its record.
Not all leading cryptocurrencies have seen gains over the last 24 hours, with Cardano (ada), Solana (SOL) and dogecoin all seeing slight dips in value.
Here’s a snapshot of the market this morning, courtesy of CoinMarketCap.
Anthony Cuthbertson7 October 2021 07:30
What caused today’s bitcoin price surge – and what comes next?
Bitcoin’s notoriously volatile price movements mean it can be difficult to pin any single rise or drop to a single event. There are usually multiple factors at play, which can then snowball into other forces that either push it even further on its trajectory or cause it to rebound in the opposite direction.
We’ve heard from several market experts and crypto analysts, all trying to make sense of the latest price rally. Reasons range from Facebook’s mass outage, to the impact of the pandemic. They also offer their thoughts on where bitcoin might go from here:
Anthony Cuthbertson6 October 2021 18:37
Bitcoin price gains top 10 per cent in 24 hours
Bitcoin is now up 10 per cent in just the last 24 hours. Yet even such a dramatic price surge appears relatively modest when put in context.
Here’s how the cryptocurrency’s price has changed when looking back even further:
Anthony Cuthbertson6 October 2021 16:37
Could Brazil be next to embrace bitcoin?
After El Salvador became the first country in the world to adopt bitcoin as legal tender, people are wondering who might be next.
If recent murmurings south of the equator are to be taken seriously, the next country to take the plunge could be Brazil – the world’s 12th largest economy.
A cryptocurrency regulation bill is expected to be presented to the Plenary of the Chamber of Deputies this week, which if successful could allow Brazilians to buy everything from houses to groceries with bitcoin.
We’ve heard from Paolo Ardoino, the chief technology officer of the Bitfinex cryptocurrency exchange, about how significant such a move would be.
“The prospect of Brazil embracing bitcoin as legal tender would mark a monumental moment in adoption,” he said.
“There will still be hurdles to creating an infrastructure that functions in a fast and efficient way. As payment networks grow larger – in the case of Brazil it would be a country with a population of over 200 million people – enabling faster transactions among participating nodes becomes a major pain point. Most of the day-to-day use of bitcoin will need a second layer technology like the Lightning Network, a solution to solve the bitcoin scalability problem.”
Anthony Cuthbertson6 October 2021 15:39
Bitcoin price on the charge once again
Bitcoin is seeing another price spurt, rising above $55,000 for the first time since May. It is now less than $10,000 away from the all-time high it hit in mid April.
The price surge has taken its market cap above $1 trillion and provided a major boost to the overall crypto market.
Ethereum (ether) is now back above $3,500, while dogecoin is now closer to $0.30 than $0.20, having lingered below $0.25 for several weeks. Every single one of the top 10 most valuable cryptocurrencies are now in the green on both a 24 hour and seven day timeframe.
Anthony Cuthbertson6 October 2021 14:49
Bitcoin price to see ‘very significant moves to the upside’
A key metric for estimating price movements is the supply of bitcoin held by long-term holders.
Of the 18.78 million bitcoins that currently exist, 13 million – or 69 per cent – of them are currently held by people who have held them for 12 months or longer.
“Tracking this metric is important as it clearly highlights times of tight supply, which are often highly correlated with significant future price appreciation,” Will Hamilton, head of trading and research at digital asset management firm TCM Capital, told The Independent.
“More and more investors are buying and holding, which should translate into higher prices. All things considered, we think Q4 will see some very significant moves to the upside for the market as a whole.”
Anthony Cuthbertson6 October 2021 11:03