Bitcoin, the world's largest cryptocurrency by market cap, surged to $50,000 for the first time in last one-month today (October 5, 2021). Last the cryptocurrency traded with gains of over 5 percent at $49,958 per token. Since the start of this month, bitcoin is logging gains and is up over 18 percent over the last 7 days.
In September amid a sell-off in crypto and blockchain related stocks, bitcoin prices tumbled below these levels and continued to drag and hit low of $40,596 on September 21. The current strong momentum in cryptocurrency prices is being owed to spiking volumes on crypto derivatives exchanges, notes Joseph Edwards, head of research at Enigma Securities in London.
The crypto asset in Tuesday's trade surged to log price levels of $50,398.10.
Interestingly, as per digital asset manager firm- CoinShares- for the 7th consecutive week, cryptocurrency investment products as well as funds logged inflows.