Bitcoin investors will be glad to bid September goodbye after nearly a month of unimpressive prices. October has started with a massive bang sending Bitcoin and other cryptocurrencies soaring to new highs.
Rise of Crypto
Jerome Powell made the comments in a two-hour long House Financial Services Committee meeting on Thursday. The meeting, meant to serve as a forum for representatives to ask Treasury Secretary Janet Yellen and Powell about the Treasury Department’s and Federal Reserve’s pandemic response, featured several questions about cryptocurrencies.
Bitcoin, the world’s biggest and best-known cryptocurrency, is up 73.3 per cent from the year’s low of $27,734 on Jan. 4.
Ether, the coin linked to the Ethereum blockchain network, rose 10.08 per cent to $3,303.04 on Friday, adding $302.45 to its previous close.
History Never Repeats Itself, But It Does Often Rhyme
September historically isn’t the best of months for Bitcoin but on the other hand October presents the perfect opportunity for investors to regain the losses. In case if history rhyme this time, Bitcoin can expand its market share.
October 2020 is widely considered by several analysts as the start of the bull run that culminated in bitcoin reaching an all-time high of $64,863 in April.
It remains somewhat early to predict if this could be the start of a bull run for the asset but analysts believe that this would be a decisive month for the asset. Commodity strategist at Bloomberg Intelligence, Mike McGlone expressed his belief that October could usher in the first US Bitcoin ETF. Assuming his predictions are accurate, it could open the floodgates for more institutional investors, leading to a sharp increase in the price of the asset.
The bullish trend in the cryptocurrency market continued for the third day in a row on Saturday, with the market capitalisation gaining 3.4 percent to reach $2.2 trillion as of 1400 hours GMT. With this increase in price, the market capitalisation of the biggest cryptocurrency has reached $904.5 billion.
Please remember that history never repeats itself, but it does often rhyme!
