SHIB and DOGE are seeing the most gains among altcoins as BTC looks to battle the profit-taking deals above $51k
The price of bitcoin has climbed above $ 50,000 as the crypto market appears to rebound higher in a historically bullish fourth quarter.
The bellwether cryptocurrency’s value has seen an uptick in the first week of October, with today’s upside seeing it surge past the $51,000 hurdle. The price of Bitcoin is currently up 4.4% in the last 24 hours and over 26% in the last seven days.
At time of writing, BTC is trading around $51,700 having surged past the $51,000 barrier to nearly break above $52,000. According to data from CoinGecko, the first trading sessions on Wednesday saw buyers hit an intraday high of $ 51,970.59, a level that may give some idea of where prices may be heading.
According to one highly respected analyst, Bitcoin could see gains throughout October to reach highs of $63,000, before a slowdown in November and then another leg up in December.
Bitcoin’s surge follows positive comments from SEC Chairman Gary Gensler, who told a Senate committee on Tuesday that the regulator has no plans to ban crypto in the United States. Similar comments were also made by Fed Chair Jerome Powell last week, with the US looking to take an opposite stance to that adopted by China.
Shiba Inu and Dogecoin rise by 82% and 13% respectively
While Bitcoin’s breach above a key obstacle for the first time in weeks is an impressive achievement in the market, Shiban Inu (SHIB) and Dogecoin (DOGE) win when it comes to accumulate the most winnings in the last 24 hours.
Shiba Inu and Dogecoin’s respective rallies follow another tweet from Tesla CEO Elon Musk, which shows the billionaire’s “Floki Frunkpuppy”. There is also speculation about a possible listing on Robinhood for SHIB, adding to the pressure from the buy side.
Shiba Inu is registering the most gains on the day at 82% as it changes hands at $0.000024. The cryptocurrency currently ranks 17th among the largest crypto assets by market cap and could see further upward movement to target prices above $ 0.000025.
Dogecoin, on the other hand, is also seeing significant gains with its value 13% and 34% up over the past 24 hours and seven days respectively. The value of DOGE against the US dollar is $ 0.27 at the time of writing, with a slight rise likely to send it in the $ 0.28 to $ 0.30 range.
