05 Oct 2021 10:42 AM +00:00

Bitcoin Price Recovers To Pre-September Level, Despite Several Crashes

Bitcoin (BTC) is touching the $50,000 price mark as it recovers from a volatile September that saw the cryptocurrency drop below $40,000.

Bitcoin ended August at $47,166.69, rising to $52,853.76 on September 7 before losing 17.8% of its value on the same day (via CoinMarketCap).

BTC ended the month on $43,790.90. As of 11:39 AM on October 5, Bitcoin’s price is $50,152.76, up 5.43% in the past 24 hours and 20.19% in the past seven days.

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Bitcoin Hits $50,000 Again

September is historically a volatile month for both traditional stocks and cryptocurrency. Over-leveraging, El Salvador’s adoption of Bitcoin, and China’s continued crackdown on cryptocurrency transactions all drew speculation about their role in the recent crashes.

According to Bitcoin Monthly Return, Bitcoin lost 7.02% in September. This is the fifth year in a row in which the cryptocurrency has posted negative returns in September.

As we entered October, Bitcoin jumped more than $4000 in value, with bullish cryptocurrency users on Twitter celebrating ‘Uptober’.

Speculation continues about Bitcoin’s price in Q4, with analyst PlanB garnering a lot of attention for predicting the August and September closes for Bitcoin. According to the analyst’s model, Bitcoin could reach $63,000 at the end of October.

DailyForex gave a speculative price range for BTC in October as $29,000-$53,000.

The Bitcoin Fear and Greed Index reported that Market Sentiment is now in Greed – the first time since September 7.

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Bitcoin is not the only cryptocurrency to have spiked in October. Ethereum and Binance Coin are up 19% and 30.79% in the past seven days, respectively. The total cryptocurrency market cap was $1.925tn on September 30 and has since grown to $2.187tn.

Read More: Ethereum Altair Upgrade Date: When Will The Altair Update Launch?

[Featured Image by Executium via Unsplash]