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BTC catches headlines after rise above $50,000

On Tuesday, the price of the first cryptocurrency surged by more than 5% and broke the level of $50,000 for the first time since early September.

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According to CoinMarketCap, which provides an average price collecting data from more than 20 exchanges, by the moment we wrote the article, the BTC price advanced by 5.16% to $50,200. At the same time, at Binance, a major cryptocurrency exchange, the price rose by 5.17% to $50,177. However, on the chart, we can see that Bitcoin failed to consolidate above the psychological level of $50,000.

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Notably, at the beginning of September, BTC surged amid news that El Salvador will accept it as legal tender. The jump was also boosted by a rise in coin reserves up to 400 BTC in the country. Thus, in September, the main cryptocurrency was trading at $52,900.

At the same time, during the first quarter of 2021, Bitcoin jumped to $58,700 from $29,000 the level logged in December 2020. Then, in April of this year, BTC broke its all-time high of $64,850. However, in May, the first cryptocurrency depreciated to $37,300 from $57,700. During the three summer months, the asset rose to $47,000. In September, it lost 7%, but on the first day of October, it recouped all its losses.

A confident rise logged on Tuesday revived the global crypto market. Thus, the first ten currencies also followed BTC. Dogecoin even managed to outperform BTC in terms of a daily rise pace. The number of active BTC addresses reached a 3-month high.

Of course, short-term traders benefited from the situation. The share of profitable virtual assets climbed to more than 15% of the total supply. At the same time, long-term investors were not that successful.

According to cryptanalysts, against the background of a confident jump in BTC, the average daily demand for the main digital coin reached the level of $1.75 billion.

By the way, such euphoria in the world of cryptocurrency has become the reason for new optimistic forecasts for BTC. Thus, some crypto experts confidently declare a tenfold increase in its price, while more cautious ones expect a jump to $100,000 by the end of this year.

The material has been provided by InstaForex Company - www.instaforex.com