Bitcoin returned above $50,000 on Tuesday morning, marking the latest price gains in a remarkable recovery for the crypto market.
After briefly falling below $30,000 at the end of July, the cryptocurrency is now just $14,000 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.
We’ll have all the latest news, analysis and expert price predictions right here.
Bitcoin blasts past Facebook
13:06 , Anthony Cuthbertson
Bitcoin’s latest price surge has pushed its market cap above Facebook’s.
During its record-breaking price rally earlier this year, bitcoin briefly rivalled the market value of silver, while the overall crypto market surpassed the entire worth of Apple, the world’s most valuable company.
It’s still a long, long way from gold, which has a market cap more than 10-times that of bitcoin’s. Some high-profile investors, such as Tim Draper, believe bitcoin could eventually reach these heights, meaning a single bitcoin would be worth more than half a million dollars.
Bitcoin price back above $50k
12:46 , Anthony Cuthbertson
After a day of steadily climbing in price, bitcoin has finally risen above $50,000. It is the first time the cryptocurrency has peaked above this milestone since early September, and means bitcoin is now up more than 18 per cent since the start of October.
We’ve heard from some experts and analysts, who offer their thoughts on what’s behind this latest price surge, as well as speculate on where it might go from here.
You can read the full story here.
Hello and welcome…
12:30 , Anthony Cuthbertson
to The Independent’s live coverage of the crypto market. We’ll be bringing you all the latest news, updates and analysis from bitcoin, Ethereum (ether) and the rest of the cryptocurrency space.