CoinDesk Analysis Team
CoinDesk
Bitcoin, the largest cryptocurrency, broke above the crucial psychological threshold of $50,000 on Tuesday for the first time since Sept. 7.
“It’s too early to say whether this will turn into a new support level in the short term, but it is clear that the overriding market view is bullish,” said Jason Deane, an analyst at Quantum Economics.
The latest surge in bitcoin appeared to lead a broad rally in cryptocurrency prices. The Ethereum blockchain’s native cryptocurrency, ether, was up 3%, while Polygon’s MATIC rose 4.8% and Binance’s BNB coin gained 4%.
At press time, bitcoin was trading about $50,250, up 5.4% over the last 24 hours.
The S&P 500 Index is little changed since the end of September.
UPDATE (OCT. 5, 10:26 UTC) Adds quote, altcoins, S&P 500′s October performance; updates bitcoin price.
All writers’ opinions are their own and do not constitute financial advice in any way whatsoever. Nothing published by CoinDesk constitutes an investment recommendation, nor should any data or Content published by CoinDesk be relied upon for any investment activities. CoinDesk strongly recommends that you perform your own independent research and/or speak with a qualified investment professional before making any financial decisions.
Recommended Content
Editors’ Picks
Ethereum Price Forecast: ETH plunges 6% following Fed rate decision, eyes a bounce at the $3,550 level
Ethereum is down 6% after the Federal Reserve hinted that it will reduce its rate cut frequency in 2025. The hawkish news has sent ETH's Weighted Sentiment to lows last seen in December 2023.
Crypto Today: Bitcoin holds $104K as XRP, AVAX and Solana traders take profits
The cryptocurrency sector valuation declined 4% on Wednesday, dropping toward $3.8 trillion. While Bitcoin price dipped 2% to consolidate around the $104,600 mark, top altcoins like XRP, AVAX and SOL suffered excess of 5% losses on the day.
Bitcoin, crypto market set for massive dump following Trump's inauguration: Arthur Hayes
Bitcoin and the crypto market could face a massive sell-off as expectations for Donald Trump's administration of pro-crypto policies could be short-lived, according to Arthur Hayes.
Shiba Inu Price Prediction: SHIB whale demand plunges as Solana memes dominate
Shiba Inu price opened trading at $0.000026 on Wednesday, its lowest opening price in 20 days dating back to November 29. On-chain data shows SHIB token struggling to attract whale demand as Solana memes dominate social channels.
Bitcoin: BTC reclaims $100K mark
Bitcoin briefly dipped below $94,000 earlier this week but recovered strongly, stabilizing around the $100,000 mark by Friday. Despite these mixed sentiments this week, institutional demand remained strong, adding $1.72 billion until Thursday.
Best Forex Brokers with Low Spreads
VERIFIED Low spreads are crucial for reducing trading costs. Explore top Forex brokers offering competitive spreads and high leverage. Compare options for EUR/USD, GBP/USD, USD/JPY, and Gold.