By Malvika Gurung
Investing.com – After obtaining approval from the United States Securities and Exchange Commission for a cryptocurrency exchange-traded fund, the world’s most renowned cryptocurrency has seen a massive price spike, the highest in the past five months.
The price of the cryptocurrency hit the $ 57,000 mark on October 11, the highest since it hit a record high of $ 65,000 in April of this year. Coinmarketcap.com reported that the price of the crypto jumped 2.32% in the past 24 hours alone and climbed to $ 56,796 at 8:18 a.m. on Tuesday.
In addition, the growing popularity and adoption of cryptocurrencies across the world is certainly a major factor contributing to the increase in the valuation of Bitcoin.
Speaking of valuation, Bitcoin’s market cap has fallen from its $ 1,000 billion market cap feat and is up over 15%.
Market analysts have reported that crypto dominance has grown to around 46% now and this rally has sparked confidence and excitement among market participants, with BTC price projections also looking bullish in the long term.
Additionally, as the valuation and momentum of BTC strengthens, investors are betting that the crypto will soon hit its first high numbers. Along with this, the current bitcoin valuation will also eliminate almost all evidence of the impact of China’s mining ban on Bitcoin prices in May, earlier this year.