Bitcoin Rally Stops Near $ 57,000 While Traders Wait for New Catalyst

Bitcoin Rally: CryptoKing Exceeds $ 57,000 for  the First Time in Five Months

The Bitcoin rally on Tuesday stopped at a level of about $ 57,000, with constant speculation that the largest cryptocurrencies could test the highest ever reached. In Hong Kong, digital currencies fell about 1% to $ 56,700 by 11:05, but the Bloomberg Galaxy Crypto Index was lower. Bitcoin rose 90% to a record low of $ 65,000 in mid-April.

Bitcoin Rally Stops Near $ 57,000

As with previous demonstrations, there are many reasons for the recent increase. This includes alleviating concerns about regulatory efforts in the United States and China, as well as signs of increased computing power dedicated to Bitcoin mining. There is also growing optimism about the possibility of the US Securities and Exchange Commission approving Bitcoin exchange-traded funds. 

Bitcoin achieved a nearly 21% increase last week, while Ethereum achieved a 7.8% increase. Other important jumps in the Top 100 group were 12.5% ​​for XRP and 13.4% for Polkadot.

Bitcoin achieved a price increase of nearly 21% last week, while Ethereum achieved a price increase of 7.8%. Other important jumps in the top 10 groups were 12.5% ​​XRP, 13.4% Polkadot, 215% Shiba Inu, 51% Phantom, 29% Index, and so on. At the time of presentation of this report based on CoinMarketCap data, 10%, Terra 15%, Avalanche close to 14%, and so on.

Bitcoin could end at $ 66,284 in 2021 and is expected to rise to $ 4,287,591 by December 2030, but "the average is distorted by outliers. Looking at the average price forecast, Price forecasts for 2030 are $ 470,000, according to a crypto expert survey released in July by Finder, a British platform for personal finance. "

Bitcoin beats Facebook by market capitalization: key points

The last few days haven't been good for Facebook. Mark Zuckerberg's personal wealth fell by nearly $ 7 billion after the social media app collapsed with WhatsApp and Instagram. And now the platform has lost its position as Bitcoin's sixth most valuable asset. Today, Bitcoin, which is almost synonymous with cryptocurrency, has overtaken Facebook in terms of market capitalization. 

Bitcoin

According to Asset Dash, Facebook has risen to 7th place with a 360% increase in Bitcoin's asset value over the past year. During the same period, Facebook rose only 22%. Bitcoin price increases are not at the highest level recorded at $ 64,000 in mid-April 2021. ..

The rise in Bitcoin's value comes after a dry period caused by China's decision to ban cryptocurrencies and the complexity of regulatory and tax reporting requirements in other countries. 

However, the Swiss government has approved the country's first cryptocurrency investment fund to support the rise of cryptocurrencies. And Bitcoin is no stranger to its excellent performance. Bitcoin is one of the best-performing assets in the last decade.

Bitcoin seems to be doing well in the last decade, with Facebook withdrawing from that location in 2021.

Facebook, on the other hand, lost 5% in value after its three apps were down for more than six hours.

Before Bitcoin on the Asset, Dash list are Amazon, Google, Saudi Aramco, Microsoft and Apple at the top of the list. As of October 7, 2021 at 7:30 am, Apple has a market capitalization of $ 2.348 trillion. Bitcoin has a market capitalization of $ 1.22 trillion, while Facebook has a market capitalization of $ 935 billion.

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