Bitcoin is recovering in early October after falling in September. On the evening of October 6, the cost of the first cryptocurrency approached $ 55 thousand.
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Bitcoin is growing
Bitcoin has seen strong growth this week amid positive news in the cryptosphere.
As of this writing, 1 BTC can be bought for $ 54,072.
Bitcoin price on 06.10.2021 / Screenshot of CoinGecko website
Other cryptocurrencies – Ethereum, Binance Coin, and dogecoin – also rose by about 15-30%.
What is happening with the cryptocurrency market
The total cryptocurrency market is now valued at nearly $ 22 trillion, up 15% from early October.
“After a bad September, a number of analysts are forecasting a strong end to 2021. One price forecasting model that has proven extremely accurate in August and September is putting Bitcoin on a six-figure track for Christmas, though there are some caveats, The Independent writes.
The key metric for assessing price movements is the supply of bitcoins from long-term owners.
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With the 18.78 million bitcoins that currently exist, 13 million – or 69% of it – are owned by people who have held them for 12 months or longer.