Bitcoin breaks $50k for first time in a month

CoinDesk Analysis Team CoinDesk

Bitcoin, the largest cryptocurrency, broke above the crucial psychological threshold of $50,000 on Tuesday for the first time since Sept. 7.

“It’s too early to say whether this will turn into a new support level in the short term, but it is clear that the overriding market view is bullish,” said Jason Deane, an analyst at Quantum Economics.

The latest surge in bitcoin appeared to lead a broad rally in cryptocurrency prices. The Ethereum blockchain’s native cryptocurrency, ether, was up 3%, while Polygon’s MATIC rose 4.8% and Binance’s BNB coin gained 4%.

At press time, bitcoin was trading about $50,250, up 5.4% over the last 24 hours.

The S&P 500 Index is little changed since the end of September.

UPDATE (OCT. 5, 10:26 UTC) Adds quote, altcoins, S&P 500′s October performance; updates bitcoin price.

Author

CoinDesk Analysis Team

CoinDesk

CoinDesk is the media platform for the next generation of investors exploring how cryptocurrencies and digital assets are contributing to the evolution of the global financial system.

XRP extends recovery as on-chain activity grows

Ripple (XRP) ticks up and trades around $1.13 at the time of writing on Tuesday. This rebound aligns with a broader recovery in the cryptocurrency market, attributed to reports that mediators between the United States (US) and Iran are seeking a 10-day cessation of strikes to find a way back to the signed Memorandum of Understanding (MoU).

Ethereum Price Forecast: ETH continues July uptrend with 20% rise after triggering buy signal

Ethereum (ETH) has gained 3% on Tuesday, extending its July gains above 20% after key on-chain indicators highlighted a resumption of buying activity. The strong performance so far in July comes a few days after ETH triggered the Market Value to Realized Value (MVRV) Buy signal. ETH has been up by roughly 22% since the signal.

Chainlink becomes top 20 best performer, 3 reasons behind the move

Chainlink (LINK) has become the best-performing asset in the top 20 this week, leading every other major cryptocurrency. The cryptocurrency jumped 10.18% to $8.71, its highest level since early June. Three major factors explain the double-digit rise over the past week.

Crypto Today: Bitcoin, Ethereum, XRP extend rebound amid returning institutional capital inflows

Cryptocurrency prices extend a broad recovery, led by Bitcoin (BTC), trading above $66,000 at the time of writing on Tuesday. Ethereum (ETH) remains bullish above $1,940, after logging four straight days of gains. Meanwhile, Ripple (XRP) hovers around $1.13, building on the reclaimed $1.10 critical level.

Bitcoin’s potential recovery in the second half hinges on these 4 catalysts

Bitcoin (BTC) has fallen over 34% in the first half of this year as the King Crypto failed to capitalize on a good semester for risk assets despite the woes from the Iran war.