Following a market-wide resurgence, Bitcoin (BTC) soared above $50,000 for the first time since early September this week, rising as high as $51,839 in the early hours of Wednesday morning.
One of the key sentiments that helped BTC soar today was the chairman of the Securities and Exchange Commission (SEC), Gary Gensler, statement that his agency does not have the power or the desire to ban cryptocurrency.
During a hearing before the House Committee on Financial Services on Tuesday, Gensler stressed that banning crypto does not come under the SEC’s authority, declaring, “That would be up to Congress.”
Hence, BTC is currently trading at $51,115, up 1.88% on the day and up 20.99% in the last seven days, according to CoinMarketCap data.
Whatsmore, the overall market capitalization of BTC is just over $955 billion as it gradually approaches $1 trillion, the milestone it previously crossed back in May of this year.
Trading analysts verdicts
Economist, investment strategist, and former hedge fund manager Raoul Pal considers the range where Bitcoin is trading indicates a breakout but is not sure whether it can be achieved on the first attempt. He stated:
“No idea if BTC breaks out on first attempt or corrects again first, but this is one hell of a pattern…. the on-chain analysis also suggests a breakout, along with S2F.”
By the same token, prominent crypto trading analyst Michael van de Poppe shares similar uncertainty about the break out:
“I’m not sure whether we’re going to break up in one-go. Expecting some ranges here before breaking to $57-60K.”
The global crypto market
The global crypto market cap is $2.19 trillion, a 0.39% decrease over the last day but representing an increase of around 15% since the beginning of October. Furthermore, the entire volume of the cryptocurrency market during the past 24 hours has reached $125.47 billion, representing a 16.93% rise.
Meanwhile, the total volume of DeFi is currently $19.19 billion, equating to 15.29% of the total 24-hour volume of the crypto market. In contrast, the total volume of all stable coins is currently $96.10 billion, accounting for 76.59% of the total 24-hour volume.
Elsewhere, other major cryptocurrencies have followed Bitcoin’s upward trajectory in recent weeks, with Ethereum (ETH) and Dogecoin (DOGE) all seeing gains of between 15 and 23 percent since this time last week, respectively.
However, despite Bitcoin’s recovery perhaps giving a lift to cryptos such as ETH and DOGE, but not all of the world’s top ten cryptocurrencies have seen their prices increase overnight. For example, Solana (SOL) has lost almost 8% of its value in the last 24 hours, bringing it back behind Ripple (XRP) in terms of total market cap.
Ultimately, the coin which has gained the most among the top 100 cryptocurrencies in the last week is Shiba Inu (SHIB) which has increased by over 206% in the last seven days and over 70% in the last 24 hours, ranking it now among the top 20 crypto assets.
With a market capitalization of $9.3 billion, the decentralized meme token is now the fourth most-traded asset surpassing DOGE, XRP, and SOL in trading volume, with over $14 billion traded in the last 24 hours.