Bitcoin has officially edged past the $66,000 level in incredible fashion, rising to new levels after Wednesday’s historic market close.
At the time of writing, the world’s largest cryptocurrency by market cap briefly edged $66,100, according to Binance. It was trading somewhere above $65,000 and the frequent buy-out orders from a number of rookie investors suggest that the valuation may soon take a big hit.
— Binance (@binance) October 20, 2021
Bitcoin has also helped propel the entire crypto market upward. Strong showings by other caps have pushed the global market cap past $2.68 trillion — which is another record in its own right. The second biggest coin Ethereum, which instituted a deflationary mechanism in early August, has surged almost 11% more than it was this time last week, trading blows at $4,003 at the time of writing this post.
Polkadot, the eighth-largest cryptocurrency by market cap, is ready to become fully functional within a month. It has surged almost 20.6% on the week and Solana, which continues to raid spaces long dominated by Ethereum, has added 6.4% to its price tag.
Bullish comments from big-name traders also played a big role in convincing more people to invest, reported an international daily. The report quoted a billionaire investor who said, “There’s a plan in place for crypto and clearly it’s winning the race against gold at the moment. I would think that would also be in a very good inflation hedge. It would be my preferred one over gold at the moment.”
Bitcoin has skyrocketed since bottoming out quite poorly below $30,000 in July. Much of that price movement is attributed to market sentiments driven by prominent evangelists of the crypto space who helped revamp investor confidence in September. Since then, BTC has soared by more than 100 percent and is back at record levels of $65,000 and above.