Bitcoin price strength rises above $57,000 for the first time since May 12

On October 11, Bitcoin stood at $57,000 per coin , the first time since May 12.

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According to CoinGecko data, the total market value of the current cryptocurrency market is US$2.43 trillion, and the Bitcoin market share is 44.0%. According to Asset Dash data, the current market value of Bitcoin has reached $1.064 trillion, and it has risen to the sixth place, surpassing Facebook and Tesla.

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Shortly before this, George Soros’s family office confirmed that it holds a small amount of Bitcoin, which shows that even if it is only a small position, large investors are entering the cryptocurrency market. It is worth noting that Soros’s family office is the third hedge fund company to enter the cryptocurrency field after Poin 72 and Third Point.

In addition, many investors are also very optimistic about the future prospects of Bitcoin.

DanMorehead, CEO of Pantera Capital, a crypto asset management company that manages $5 billion in assets, said that Bitcoin has entered the era of halving and no longer follows the extreme volatility of the previous market cycle. The new price era will usher in a correction from 2014 and 2018. A more moderate bear market at the stage.

Analyst Willy Woo commented on the recent rise in the settlement value of Bitcoin on Twitter. He said that the transaction volume on the Bitcoin blockchain dwarfs Visa and Mastercard. Bitcoin currently executes at $190,000 per second, while Visa and Mastercard is 130,000 US dollars and 55,000 US dollars per second respectively, which does not include the Lightning Network.

Encryption traders Bitbit BTFD tweeted representation, ETH and most of the cottage are against currency Bitcoin, of course, including Ethernet Square all on the NFT and Solana. In other words, Bitcoin’s dominance is climbing and staying strong. If it is 2017, then this must be a signal that Bitcoin is rising again.

On October 10th, crypto trader Bitbit BTFD tweeted that ETH and most altcoins are opposed to Bitcoin, which of course includes all NFTs on Ethereum and Solana. In other words, Bitcoin’s dominance is climbing and staying strong. If it is 2017, then this must be a signal that Bitcoin is rising again.

BitMEX CEO Alexander Höptner stated in a recent blog post that developing countries like El Salvador are the world leader in embracing decentralized digital currencies and payments. They choose to try new things. This is worthy of praise, not ridicule. In addition, Höptner predicts that by the end of next year, at least five countries will accept Bitcoin as legal tender, and these five countries will all be developing countries.

Posted by:CoinYuppie,Reprinted with attribution to:https://coinyuppie.com/bitcoin-price-strength-rises-above-57000-for-the-first-time-since-may-12/
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