6 Oct 2021
Bullish Bitcoin to Reach New Peaks Defying Market Odds
The Index Today
Bitcoin surged around 25% to $51,300 over the past week while other assets including bonds and gold saw little growth. Inflation and slowing of economic recovery have dragged down world stocks in recent months.
Despite recent turmoil seen in crypto trading such as China’s ban and El Salvador’s rollout of the digital coin as its legal tender, Bitcoin is progressing and gaining momentum. Craig Erlam, senior market analyst at Oanda said the bullish behavior will ultimately lead to “all-time highs” in the near future.
Other digital currencies such as Ether, Solana, Dogecoin and Binance have also been seen climbing up according to CoinGecko. It was reported that Bitcoin had trading volumes two-thirds larger than that of Ether since the start of October. Bitcoin has exceeded $50,000 and is expected to continue up even further during the last quarter.