The world’s largest cryptocurrency in terms of market value rose to $55,499.96, its highest since mid-May. It passed the $50,000 mark for the first time in 4 weeks on Tuesday amid, among other things, mounting institutional interest.
“Bitcoin performs historically well in October, which almost makes the rising … price now a self-fulfilling prophecy. I’ve been saying repeatedly since the summer that I expect a new all-time high in October,” said Ruud Feltkamp, CEO of cloud-based automated crypto trading bot Cryptohopper.
“So what is the reason for this new pump? I think it’s partly due to the market cycle we’re in, where the emotional part plays a significant role.”