Bitcoin Breaks Above $50,000!
All major indexes and stocks have experienced a dramatic downslide, from Dow Jones’s 0.9% to Nasdaq’s 2.1%. Apple plummeted 2.5% and Microsoft – 2,1%. Other tech companies, like PayPal, Nvidia, and Square, also saw a sharp sell-off.
On Monday, October 4th, the worst digital crisis to date also wreaked havoc. Facebook went down, and so did all of its social networks, its virtual reality platform Oculus, and Workplace, Facebook’s business communication tool.
Unlike the stock market, the cryptocurrency market is booming. The total crypto market cap presently sits at $2.28 trillion. Individual cryptocurrencies’ price was, as follows: Bitcoin costs $50,400, and Ether has risen to $3,475.
Bitcoin costing 50000 USD is to remain its biggest achievement to date. In the beginning, hardly anyone thought Bitcoin would rise to 50000 dollars. Now that this milestone has been hit, everyone is eager to see just how much further it can go.
Away from the stock markets, both Bitcoin and Ethereum are experiencing a steady inflow. Bitcoin’s hash rate has grown 134% since June and reached 160 Th/s. The mining difficulty has climbed to $19.89 trillion.
Meanwhile, institutional investors have resumed putting money into cryptocurrencies, and Bitcoin accounts for most of their investments ($69 million). For seven consecutive weeks, these investors have been investing in cryptocurrency products and funds, bringing the total amount of investments to $411 million and $6.1 billion YTD. Ethereum products have amassed $1 billion in investments so far this year.
Other crypto coins, like Polkadot, Tezos, Binance saw outflows within $1 million each, while Cardano and Solana saw minor inflows ($1.1 million and $700k respectively). Still, despite increasing and steady inflows, volumes were significantly lower compared to May 2021 ($2.4 billion vs. $8.4 billion respectively).
As the stock market is slowly stabilizing, the inflows in the crypto market are certain to continue. Seeing Bitcoin going to $50000, it remains to wait and see what the future has for the crypto.