This week, Bitcoin recovered to its previous position of over $50,000 for the first time since the beginning of September. It happened after a market-wide resurgence.
On Wednesday, the crypto reached over $55,000 and remained around this number. This time it was the latest price accumulations after the asset`s value fell below $30,000 at the end of July.
Other leading cryptocurrencies have followed bitcoin’s path in recent weeks, with Binance Coin, Ethereum, and dogecoin increasing by 15 to 30 percent. The overall crypto market is now at nearly $2.3 trillion, which has increased more than 15 percent since October.
After a weak September, some critics are predicting a solid end for crypto in 2021. There are some signs that one price prediction model, which showed that it was accurate in August and September, places bitcoin on a mark to reach six figures before this Christmas.
US Senator Reveals $100,000 Bitcoin Investment
Cynthia Lummis, the US Senator who supports crypto, revealed that she bought around $100,000 worth of bitcoin.
She revealed the purchase according to the 2012 STOCK Act, which requires members of Congress to publicly display their holdings of commodity futures, stocks, and bonds within two months of a transaction.
The Republican senator also revealed that she owned bitcoin worth around $250,000 earlier this year.
In June, she said that she wants crypto to become part of a diversified asset used in different funds, including retirement funds. She added that it could also be used for other opportunities for saving for the future. Bitcoin remained steady while increasing in price over the last 24 hours.
Optimistic analysts believe this period of price stabilization is necessary. However, pessimists have the opposite idea. Overall, many analysts and crypto experts continued to be optimistic about bitcoin’s price potential this year.