Tuesday, October 26, 2021

Bitcoin price rally causes the crypto market to overtake Apple

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The cryptocurrency market is worth more than the world’s most valuable company after Bitcoin and several leading altcoins on Thursday.

The global crypto market cap is now $ 2.37 trillion (£ 1.73 trillion), surpassing Apple’s $ 2.33 trillion market cap.

follow The independent one‘s live coverage of the crypto market

The market was boosted by a resurgent Bitcoin, which is up more than a third since early October.

The world’s most valuable cryptocurrency hit a new five-month high this week, hitting over $ 58,000 to hit its all-time high of $ 64,000.

Ethereum (Ether), Binance Coin, Cardano (ada), and Ripple (XRP) have all posted significant gains of 4-6 percent in the past 24 hours.

The rally reinforced price predictions by several leading crypto analysts over the summer as the market experienced a sharp downturn.

One of the most accurate forecasts to date comes from the pseudonymous Dutch analyst PlanB, whose June forecast for the Bitcoin price in August and September deviates by less than a third.

The same price prediction model is setting Bitcoin on the path to hit new record highs before the end of 2021.

Such predictions tend to be derailed by both positive and negative news within the crypto industry, with the most recent Bitcoin crash being triggered by a major crackdown on crypto mining in China.

Speak with The independent one Last month, PlanB warned that its predictions “could even be destroyed by a black swan,” such as further Bitcoin bans or a major geopolitical incident.

However, the recent introduction of Bitcoin law in El Salvador, combined with massive institutional investment, gave him hope that Bitcoin was preparing for the “next leg” of its bull run.

Other analysts have drawn comparisons with Bitcoin’s record-breaking rally in 2013, which saw the price jump from under $ 100 to over $ 1,000 in just a few months.

“Bitcoin’s current cycle seems to be moving in a similar way to the 2013 cycle,” said Simon Peters, a crypto analyst at the online trading platform eToro The independent one.

“A supply bottleneck is afoot and BTC is emptying the exchanges. Moving above the all-time high (ATH) this month or early November would follow the 2013 cycle pattern, but we cannot be sure.

“However, focusing on the drama of a new ATH is a short-sighted approach. In the long term, prices should rise and at some point a new ATH will come. “

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