LIVE – Updated at 13:22
The price of bitcoin is rapidly closing in on a new all-time high after another surge at the start of the week.
The cryptocurrency is now less than $2,000 away from the $64,000 record it hit back in April, following a remarkable recovery that saw it crash below $30,000 in July.
The overall crypto market is also approaching an ATH, reaching above $2.5 trillion on Monday morning. This has been spurred on by significant gains over the last week by several leading altcoins, most notably Ethereum (ether), Binance Coin and Polkadot (DOT).
Several prominent analysts believe the latest rally is the beginning of a major bull run that will see bitcoin and other cryptocurrencies blast past their previous records in the final months of 2021.
One of the most notable price prediction models, made by pseudonymous Dutch analyst PlanB, puts bitcoin on track to hit six figures within the next two months.
We’ll have all the latest news, analysis and expert price predictions right here.
When will bitcoin price peak?
13:22 , Anthony Cuthbertson
For many bitcoin advocates, breaking the price record in 2021 is a question of if, not when. For them, the real questions are how high will it go and when will it crash?
By one analyst’s estimations, the peak of this current market cycle will be hit at some point in mid December, as this is 150 days from the mid-cycle low seen in July – presuming the all-time high is breached.
By TechDev’s calculations, bitcoin will reach $70,000 at some point next week, before hitting $90,000 in November. There will then be a slight dip back to the $60,000 range, he claims, before a “parabolic run up” to a peak of $250,000.
When #Bitcoin was <1M MC, it took ~150 days to go from mid-cycle low to peak.
When #Bitcoin was ~400B MC, it took ~150 days to go from mid-cycle low to peak.
To me this is remarkable and seems important.
150 days from 2021’s mid-cycle low is mid-December.
— TechDev (@TechDev_52) October 17, 2021
How bitcoin and crypto market caps stack up
12:25 , Anthony Cuthbertson
With the cryptocurrency market now above $2.5 trillion, it is now worth more than all of the world’s most valuable companies.
Bitcoin alone ranks ahead of Facebook and Tesla, with only Amazon, Alphabet (Google), Saudi Aramco, Microsoft and Apple beating its market cap. Its recent price surge means its market cap is now just $20 billion away from its all-time high.
Excluding precious metals – gold and silver have a market cap of $11.19 trillion and $1.3 trillion respectively – here’s how the top assets stack up.
Bitcoin price and crypto market tease all-time high
09:41 , Anthony Cuthbertson
Bitcoin has hit a new six-month high, hitting $62,614 on Monday morning according to CoinMarketCap’s price index, leaving it less than $2,000 away from its all-time high.
It has helped push the overall crypto market cap above $2.5 trillion, which is now also teasing its own record high.
The cryptocurrency space is no longer dominated by bitcoin in the same way it was when the last peak was seen back in April.
Today, BTC only represents just over 40 per cent of the total crypto market capitalisation thanks to massive gains seen by Ethereum (ether), Cardano (ada) and other leading altcoins. This means we’ll likely see the crypto market hit a new high before bitcoin does.
Hello and welcome…
09:19 , Anthony Cuthbertson
to The Independent’s live coverage of the crypto market. Bitcoin appears to be closing in on a new all-time high on Monday after experiencing a huge price surge in the first half of October 2021.
The world’s leading cryptocurrency is up more than 40 per cent over the last two weeks, with other top cryptocurrencies like Ethereum (ether) and Cardano (ada) also seeing major gains.
We’ll have all the latest news, market analysis and expert price predictions throughout the day right here.Internet Explorer Channel Network