Bitcoin’s Market Cap Reclaimed $1T, the Price Hit $55.000

by in Cryptocurrency News

Bitcoin hit $55.000 again

For the first time, since May 12, Bitcoin price surpassed $55.000. The market cap of the largest cryptocurrency again stands above $1 trillion.

Related: BTC Mining Restarts in Iran After a 3-Month Ban

Over the last 7 days, the coin saw a price increase of over 31%. In the last 24 hours, the surge was by over 10%. Although it's early to predict whether the coin will hold the support level or not, there are signs of bullish trends.

On September 24, the People's Bank of China announced teaming up with other regulators to prevent crypto-related activities. Afterward, some crypto exchanges stopped new account registrations by people from China.

On the other hand, a number of countries support the crypto industry. El Salvador started to experiment with BTC mining using volcanic energy, Iran resumed crypto mining as heat steps down, Colombia considers the potential of BTC, and Ukrainian Parlament discusses crypto regulation and legalization.

Along with this, institutional demand continues to grow.