Bitcoin exceeds $ 50,000 as Shiba Inu meme gains 50% in 24 hours

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Bitcoin topped $ 50,000 on Tuesday, for the first time since early September, after building up despite China’s latest crackdown on crypto activity.

The cryptocurrency BTCUSD, + 1.88%, recently traded at $ 49,946, up 5% in the past 24 hours.

Ether ETHUSD, + 1.72%, traded at $ 3,456.3 on Tuesday, up 4.4% in the past 24 hours.

The SHIBA INU coin has gained 53% in the past 24 hours, bringing the total market value to $ 5.6 billion, according to CoinMarketCap, after Elon Musk tweeted a photo of his pet Shiba Inu Floki Sunday night.

Bitcoin accumulation addresses hit an all-time high of around 550,000 on September 29, after China announced its latest crackdown on crypto activity on September 24, wrote Martin Gaspar, research analyst at CrossTower , in notes from Monday.

Bitcoin is potentially due for another parabolic rally in the not-so-distant future, according to a daily newsletter from the crypto exchange Kraken, citing a downtrend in the +1 year HODL wave similar to 2013, when bitcoin went from $ 10 to $ 1,000. .

The HODL +1 year wave refers to the percentage of coins in circulation that have not moved for more than a year.

When the number of intact coins decreases rapidly as prices rise, a new bull market could be underway, according to the Kraken exchange.

See Also: China’s Crypto Ban Almost Reached Meme-Like Status, But Here Are The Persistent Impacts

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