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Bitcoin gains $257.58bn in 11 days, price tops $57,000

Bitcoin has gained $257.58bn in market capitalisation in the first 11 days of October.

BTC closed with a market cap of $824.62bn last month, according to Coinmarketcap.com. It opened trading at $41,551.27 and closed at $43,790.90, with a market volume of $31,141,681,925 on the last trading day in September.

The cryptocurrency has since crossed the $50,000 price, rising to $57,439.17 on Monday as of 7:00 pm Nigerian time. It had a trading volume of $44,025,679,008 and a market cap of $1.08tn.

BTC is making a recovery from the lows of the last four months where it has traded consistently between the $30,000 and $40,000 mark. Since October 5, BTC has traded above the $50,000 mark, maintaining an upward trajectory as the market recovers.

At $57,000, BTC is closer to its all-time price of $64,863 that it reached on April 14, 2021.

According to Glassnode, October has heralded a boost in BTC network activity, increasing the probability that new demand is beginning to enter in the fourth quarter of 2021. This has led to an increment in coin value of transactions. The median transaction size has risen to over 1.3 BTC.

Recently, the Managing Director of the International Monetary Fund, Kristalina Georgieva, said BTC and other cryptocurrencies were assets, not money.

She said the price volatility of crypto was a cause for concern and that public trust as well as established legal and regulatory frameworks were necessary for central bank digital currencies to come to life Insurance Plc, University Press Plc and Universal Insurance Plc lost 5.26 per cent, 5.06 per cent and 4.55 per cent.

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