Bitcoin passed US$55,000 for the first time since May

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Bitcoin passed US$55,000 once again and has a total capitalization of more than a trillion dollars. Between last week and so far, bitcoin has risen more than 20%

The bitcoin price has had an unstoppable start to the week. After closing in green the previous week, the cryptocurrency maintained the pace and surpassed US$54,000 on Wednesday. Even, momentarily, it went above US$55,000 per unit.

Since May, it is the first time the cryptocurrency has traded at those prices on exchanges, as shown by TradingView’s charts. At the time of writing this article, the cost of the currency was about 54,000 dollars.

The last time that BTC was above US$54,000 was during May 12, the day the market fell drastically, and the leading cryptocurrency in the market depreciated more than 12%.

On that occasion, bitcoin opened the day above US$56,600 but closed it below US$50,000. Since then, it has not managed to recover until August and September, when it has risen once more above US$50,000. 

READ more:  Bitcoin breaks 46k barrier and other cryptocurrencies follow

BTC even dropped below US$30,000 a couple of times between June and July.

Bitcoin passed US$55,000 once again and has a total capitalization of more than a trillion dollars. Between last week and so far, bitcoin has risen more than 20%
Bitcoin did not reach this price level since May of this year. // Source: TradingView.

The recovery of bitcoin has accentuated between last week and so far. Between fall September and October 3, the cryptocurrency appreciated more than 11%, while between Monday and so far this Wednesday, bitcoin has gained another 11% increase in the market.

Bitcoin once again has a total capitalization above a trillion dollars, according to data from CoinMarketCap. Currently, BTC is the eighth-most valuable asset globally at that price, as the CompaniesMarketCap ranking shows.

Since the beginning of this week, the cryptocurrency had exceeded the total capitalization of Facebook, whose valuation was seriously affected by the global fall of its various platforms, including Instagram and the messaging service WhatsApp.

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The information expressed in this article is solely those of the author and do not necessarily reflect the vies of CryptoDeFinance.  Each and every investment and trading move involves high risk. You should always conduct your own research when making a decision in crypto investment.
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Bruno Marques

Hi! I am the CEO/Founder of Crypto DeFinance, and I am an Enthusiast crypto investor. I started this project so we can provide you with carefully curated news. If you like us and our news, share the posts and comment. Your visit and interaction is very important to us.
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