Bitcoin Climbs Above $50k After a Whole Month

2021-10-05 17:05:49
Back at 50

Bitcoin is yet again at a price of $50k, after an entire month of fluctuating under that price point. In fact, it is safe to say that this is the first time bitcoin is trading above $50k after El Salvador made bitcoin legal tender on the 7th of September.

Back then, the price of bitcoin plummeted from $52.500, down to $47.500. Consequently making for a whopping $5.000. And that trend continued right until bitcoin hit the mark of $40k. There, after a brief scare it went up to $48.000, only to drop once more in the upcoming weeks.

While many crypto experts and veteran traders attribute this brief downfall of bitcoin to El Salvador adopting the currency, bitcoin passing the 50k mark is nothing but beneficial for El Salvador. That is due to the fact that over 3 million people received the government $30 in bitcoin to use with the Chivo bitcoin wallet. Meaning that those $30, are now worth definitely more.

Moreover, President Nayib Bukele also purchased 700BTC, thus establishing El Salvador’s first ever digital asset. Consequently, the President bought the initial 700BTC just when the price of the coin was at its lowest, making for a real smart move on the long run. Something that seems to definitely pay off after bitcoin is back on track.

Altcoins On The Rise

The news of bitcoin hitting the price above $50k again, definitely stirred the entire crypto community. However, many believe that this rise is just temporary. In fact, several crypto analysts already expect bitcoin to drop below $50k once more, or down to $47.500, before proceeding to climb towards the mark of $60k.

And that is the case for the rest of the altcoins. As a result, Dogecoin is up by 10%, while Ethereum is also on the rise with 2%. Though it is safe to say that the success of Doge can be traced back to Monday’s Twitter post by Elon Musk of his puppy. Something that always seems to greatly influence the course of the cryptocurrency prices.

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