Bitcoin Surge To Surpass $50K For The First Time In A Month

For the first time in a month, the price of bitcoin surpassed $51,000 on Wednesday. According to coinmarketcap.com, the world's most popular cryptocurrency climbed 4.37 percent in the last 24 hours to $51,313. Ether also had a significant increase, crossing the $3,400 milestone. On October 6, the largest altcoin increased 3.33 percent to $3,487.

The worldwide crypto market valuation is now $2.22 trillion, up 2.70 percent from the previous day. The overall crypto market volume over the last 24 hours has increased by 5.50 percent to $112.23 billion. The overall volume of all stable coins is now $86.56 billion, accounting for 77.13 percent of the total 24-hour volume of the crypto market.

Bitcoin is presently valued at $51,492.11. Bitcoin's market share is now 43.82 percent, up 0.84 percent from the previous day.

As speculators leave short positions, the cryptocurrency is up over 23% week over week.

Elon Musk has created a stir in the meme token market once again, with the Shiba Inu (SHIB) coin going insane. On Tuesday, the made-for-fun digital token has increased by 55 percent to $0.00001312 and later on gave up some gains.

The top cryptocurrencies and their prices as of October 6, 2021, are shown below.

• Bitcoin - $51,381.42, 4.58% up
• Ether -$3,482.94, 2.95% up
• Binance Coin -$433.26, 1.32% up
• Cardano - $2.23, 0.40% down
• Tether - $1.00, 0.07% up
• XRP - $1.07, 2.51% up
• Solana - $157, 5.74% down
• Dogecoin: $0.2518, 7.74% up

"The positive news around crypto from Federal Reserve Chairman, Jerome Powell has added to the momentum of Bitcoin price rise, the world's largest and oldest cryptocurrency. During the slight dip last month, crypto-related investments witnessed record inflows owing to the growing global acceptance of crypto assets. The same momentum is boosting the prices of other popular crypto assets like Ethereum, Dogecoin, and Shiba Inu among others. India and neighboring countries are the main growth drivers of the crypto economy in South East Asia and they will continue their dominance because of the large number of active crypto investors in the region," commenting on the development said Mr. Jay Hao, CEO, OKEx.com.