The value of the first cryptocurrency continues to grow after it dropped to a local minimum of $ 40.7 thousand on September 29th.Since then, the asset has risen in price by 44%
On the night of October 14, the bitcoin rate on the Binance crypto exchange rose above $ 58.5 thousand. The first cryptocurrency renewed its price maximum since May 10. As of 9:40 Moscow time, the asset is trading at $ 57.7 thousand, over the past day it has risen in price by 4%. Bitcoin capitalization reached $ 1.09 trillion with a market share of 44%, according to CoinGecko.
The last wave of Bitcoin growth started on September 29, from a local price minimum of $ 40.7 thousand. Over the past two weeks, the cryptocurrency has risen in price by 44%. Its price is approaching its all-time high of $ 64.8 thousand, set in mid-April.
Previously, the B2C2 analytical company reported that the rise in the value of bitcoin in early October was caused by the increased demand for cryptocurrency from institutional investors. Analysts say the market has been "actively biased towards buyers" in recent weeks.
Also, Bloomberg 's chief commodity strategist Mike McGlone suggested that a unique phase of Bitcoin growth could occur in the fourth quarter of 2021. According to McGlone, a significant rise in the price of the first cryptocurrency will provoke an increase in the US national debt and fears of a potential default.