Bitcoin price reaches $55,000 for the first time in 5 months; Ether above $3,500; top crypto rates

On Thursday, the price of bitcoin reached $55,000 for the first time in five months. After a poor performance in September, bitcoin returned to the $50,000 mark earlier this week. The world’s largest cryptocurrency by market capitalization is now just $10,000 away from its all-time high in April this year. At the time of writing this article, the price of bitcoin rose 7.18 percent to $54,927.78 in 24 hours. It should be noted that the world’s favorite cryptocurrency has already touched the $55,000-mark on Wednesday.

Analysts often find it difficult to pinpoint a single event behind bitcoin’s volatile price rise or fall. There are a number of factors at play that often push the cryptocurrency to reach new highs or rally in the opposite direction to hit new lows. The growing uncertainty in the global market and the recent outages of Instagram and Facebook could be one of the factors behind the recent surge in bitcoin. Both incidents indicate an old adage by crypto investors and analysts that ‘Bitcoin is resistant to traditional market volatility’ or ‘cryptocurrency never goes down’.