Fourth quarter is historically bitcoin’s best, with an average return of 119% starting from 2011.
ISLAMABAD: The cryptocurrency market turned bullish on Thursday with the market capitalisation gaining 5.5 percent to reach $2.39 trillion as of 1235 hours GMT.
Bitcoin, the largest cryptocurrency, reached the highest level in almost five months amid bullish sentiment to settle at $54,007 after gaining 3.36 percent.
With this increase in price, the market capitalisation of the biggest cryptocurrency crossed the $1 trillion mark to reach 1.017 trillion.
Likewise, ether (ETH) price increased by 3.76 percent to reach $3,563 and the market capitalisation of ETH has reached $418 billion.
Similarly, XRP price gained 2.80 percent to reach $1.08 and its market capitalisation stands at $107.6 billion after this increase.
Likewise, cardano (ADA) price jumped by 6.57 percent to reach $2.30 and its market capitalisation has increased to $74.6 billion after this gain.
On the other hand, dogecoin (Doge) price inched down by 0.12 percent to reach $0.252. With this decrease in price, the market capitalisation of doge has reached $33 billion.
Bitcoin has gained over 25 percent this month. Bitcoin faced major hurdles this year after hitting an all-time high of nearly $65,000 in February.
A crackdown on cryptocurrencies in China and other negative factors pushed bitcoin’s price below $30,000 in July. This month’s rally has already propelled bitcoin’s market capitalisation back up above $1 trillion.
According to analysts, the fourth quarter is historically bitcoin’s best, with an average return of 119 percent starting from 2011. In 2020, the coin’s price nearly tripled in the fourth quarter.
Some experts attribute bitcoin’s latest rally to the announcement by the US Treasury Secretary Janet Yellen and US Securities and Exchange Commission (SEC) Chair Gary Gensler earlier this week, that Washington has no plans to ban cryptocurrencies.
Others believe that bitcoin is increasingly seen as a safe haven for investors, while traditional markets are struggling with falling stock prices, the looming energy crisis and fears over the Chinese property sector.