Animal spirits are getting excited for bitcoin again, after the coin surged more than 30% in the past seven days to its highest level since May.
This rally contrasts with the recent performance of traditional assets such as stocks, bonds and gold in a period of high inflation and slow economic growth. Bitcoin was up 5% at $54,079 as of 10:13 am in New York, about $9,331 shy of its all-time high in mid-April.
The bitcoin advance has sparked unrest around China’s ban on cryptocurrency transactions and El Salvador’s troubled rollout of the digital coin as legal tender. Optimists indicate that crypto is gaining traction as an asset class in its own right on Wall Street, as well as comments from US regulators allaying the worst fears about harsher oversight.
The bulls have shown “incredible resilience” and “all-time highs don’t look too far away,” Oanda senior market analyst Craig Erlam wrote in a note.
Other digital coins are climbing as well: Ether, Binance Coin, Solana and Dogecoin have all seen significant gains over the past seven days, according to tracker CoinGecko. According to crypto exchange Kraken, trading volume for bitcoin is two-thirds larger than ether since the beginning of October.
Leah Wald, chief executive officer of Valkyrie Investments, a specialized alternative asset management firm, said in a Bloomberg QuickTech video, “Now that bitcoin has crossed $50,000, we expect this bull run to propel it higher during the fourth quarter. level will be taken.” .
This story has been published without modification in text from a wire agency feed. Only the title has been changed.
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