On Wednesday, 6th October 2021, Bitcoin for the first time after July crossed the $55k mark. Shiba Inu also surprised the investors as it suddenly surged by 1000% in its prices on 7th October 2021.
week at a glance
The last week proved to be highly profitable for crypto investors as Bitcoin prices surged above $55k. A strong Bitcoin was beneficial for the Global crypto market cap as well. It is currently at $2.33 trillion.
The baby meme token Shiba Inu saw a significant increase in its prices. It broke all the records and climbed as high as 1000% on 7th October 2021. The price graph jumped from $0.000026 to $0.000029.
Good news for crypto comes from the US as well. The Federal Reserve chairman, Jerome Powell said that the US won’t ban crypto in the states. This decision comes a week after the complete Chinese ban on crypto trading and other related activities.
crypto prices fluctuation
Bitcoin after falling below $30000 in July 2021 rose above $55 for the first time. It is only $10,000 away from its all-time high value. Bitcoin in April 2021 had touched it’s all-time high of $65k.
Currently, it is trading at $56,556. Bitcoin in the last seven days gained up to 18.57% to reach above $56,000. As of 11th October, the overall market cap of Bitcoin is 1.07 trillion.
Bitcoin Price Chart
Investors are awaiting in anticipation about how the year ends for Bitcoin. After a poor September, Bitcoin is now showing some serious signs of proving the predictions true.
According to J.P Morgan, many factors contributed to the price surge of Bitcoin. But the most deciding factor was the United States decided not to follow the path of China on crypto.
He also said that Bitcoin is underway to become the “digital gold”. With a market cap of over $1 trillion Bitcoin is less than the 10th of the overall value of gold. The majority of institutional investors are already choosing Bitcoin over gold for investments.
Nick Spanos a popular crypto innovator is in favor of a strong Bitcoin in October, November and December 2021. The founder of Zap Protocol believes in the long term success of Bitcoin and Ethereum. He said, “Bitcoin, Ethereum and the broader crypto market are likely to have a ludicrously strong Q4, and I predict we will see new all-time highs across the board by 2022.”
Following the Bitcoin lead, other cryptocurrencies like Ethereum, Solana and Polkadot also followed the upward graph.
- Ethereum on 8th October 2021 was trading at $3600 with a 16.82% high over the past 7 days. At present, its value rests at $3515.
- Solana last Friday was at $158 with a 1.43% increase in its prices. At the time of writing it is at $152.
- Polkadot with an increase of 13.23% in the past 7 days is at $35.11 as of 11th October 2021.
- With a gain of 0.13% over the last week, Binance Coin is at $416.59 on 11th October 2021.
- Cardano, the third-largest crypto is trading in green with a 1.77% surges in its prices. As of now, it is valued at $2.22.
Top 10 Crypto Summary
Shiba Inu rose by 1000%
Shiba Inu shocked everyone on 7th October 2021 when it out of nowhere increased by 1000%. According to CoinMarketCap, with this surge, it now ranks among the top 3000 cryptocurrencies.
Its prices went from $0.000026 to a surprising $0.000029. Though this is only a fraction gain as compared to the US cent, it’s remarkable to witness the rise of a “joke of a joke”. As of 11th October 2021, Shiba Inu is at $0.00002694 with an increase of 220.63% in the last 7 days.
Shiba Inu, the meme token, was inspired and launched as a joke as the “Dogecoin killer”. Dogecoin, the largest meme token, was also originally launched as a joke inspired by the viral canine meme.
The meme token earlier in September 2021 got listed on Binance as well as Coinbase.
latest crypto news and developments
Last week was a crucial week for crypto as we witnessed several new developments and news coming from all parts of the world.
Let’s take a look at the hot crypto news of the last week:
- U.S Federal Reserve Chairman Jerome Powell said that as of now the US has “no intention” of banning crypto. Speaking at the House Financial Services meeting he clarified his July statement regarding crypto regulations.
- Last week, SEC Chairman Gary Gensler raised new concerns for cryptocurrency investors if the market is not regulated more. Investors will “likely be harmed” if regulations are not implemented, according to Gensler, who spoke at the Financial Times’ Future of Asset Management North America conference.
- US senator Cynthia Lummis disclosed a $100,000 worth purchase of Bitcoin. She revealed her purchase following the STOCK Act of 2012 where the members of Congress have to disclose their stocks, bonds and commodities holdings purchased in the last 45 days.
- Following El Salvador’s acceptance of Bitcoin as legal tender, Swiss Federal Railways (SBB) has decided to allow consumers to purchase Bitcoin at its ticket machines.