Bitcoin soars 5% to trade above $ 50,000 for the first time in a month

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Bitcoin, the world’s largest cryptocurrency by market cap, jumped over $ 50,000 for the first time since the first week of September. It climbed more than 5% to reach $ 50,274 on Tuesday. The coin has jumped 20% in the past seven days.

It last hit the psychological level of $ 50,000 on Bitcoin Day – the day El Salvador became the first nation in the world to make it legal. However, the coin quickly lost its vigor to reach $ 40,000.

Altcoins, coins other than Bitcoin, have followed the evolution. Ether, the coin based on the Ethereum blockchain jumped more than 2% to $ 3,441. Binance Coin, the third largest coin, jumped more than 5% to reach $ 439. Cardano also climbed more than 3%.

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Dogecoin, also known as the same coin, has jumped over 10% in the past 24 hours, trading at $ 23. The coin has climbed nearly 20% over the past week.

Investment products and cryptocurrency funds registered entries for a seventh straight week, as institutional investors warmed to more favorable statements from regulators, data from digital asset manager CoinShares showed on Monday.

(Edited by: Yashi Gupta)

First published: 05 October 2021, 16:38 PMIST

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