Today we have stupid Bonanza at the open and penny flippers pushed the price down but this is just scare tactics, still going up
Bitcoin is experiencing a strong price recovery at the start of October 2021 amid positive news in the crypto space (Getty Images)
Bitcoin returned above $50,000 this week for the first time since early September, following a market-wide resurgence.
The cryptocurrency reached above $55,000 on Wednesday, with the latest price gains coming after bitcoin briefly fell below $30,000 at the end of July. Bitcoin is now just $10,000 away from the all-time price high it experienced in mid April.
Other leading cryptocurrencies have mirrored bitcoin’s fortunes in recent weeks, with Ethereum (ether), Binance Coin and dogecoin all rising by between 15-30 per cent since this time last week.
The overall crypto market is now valued at nearly $2.2 trillion – up more than 15 per cent since the start of October.
After a poor September, some analysts are predicting a strong end to 2021. One price prediction model, which proved remarkably accurate in August and September, puts bitcoin on track to hit six figures before Christmas, though there are some caveats.