It’s all over for bitcoin bulls as $ 55,000 and a trillion dollar market cap are back in the limelight. Bitcoin rose even higher today, with its spot price rising to more than $ 55,555, its highest level since May 12th.
BTC price is rising
BTC is the best-performing asset in 2021. With gains of 15 percent in five days in October, BTC continues to outperform macro assets worldwide, securing returns of just under 50 percent since the start of the year.
Despite Bitcoin’s dramatic history this year, it has been unable to capture the market on the downside as a 60 percent retracement from its May highs was nearly undone. BTC currently stands at $ 54,166.68, up 8.25%. Coin’s market cap is $ 1,020,310,367,793 with a 24-hour trading volume of $ 48,843,760,987.
Bitcoin is up 10% in the past 24 hours, with the majority of that gain being made in the last 60 minutes. In the past, September has been a relatively nondescript month for Bitcoin, while October has the opposite impact.
It’s also worth noting that Bitcoin’s market share is increasing while altcoins are struggling to catch up. BTC’s dominance is around 45 percent at the time of writing, its highest level in almost two months.
Individual success stories continue to outperform Bitcoin in terms of pipe returns. These focus on altcoins, some of which have seen massive gains in a short period of time.
One of the most famous examples is Solana (SOL), which started at around $ 1.60 in 2021 and reached an all-time high of nearly $ 215.