Bitcoin and cryptocurrency prices rose in October after struggling through September (some market watchers were right).
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The price of Bitcoin has increased by about 10% in the last 24 hours, hitting a record high since Bitcoin hit a record high nearly six months ago, bringing the number of cryptocurrencies to last month. That rose from a low of $1.8 trillion to more than $2.3 trillion.
Some of the world’s largest banks, led by giant American Wall Street Bank, soared after a bullish bitcoin and cryptocurrency update
Bitcoin and crypto are now “too big to ignore”.
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This week, Bank of America, the second-largest US asset bank, began reporting on digital assets, branding the early bitcoin and crypto markets “too big to ignore”.
A team of bank analysts led by Alkesh Shah, head of cryptocurrency and digital asset strategy for the bank, said:
“Bitcoin is important, but it is not the only digital asset ecosystem,” Shah said in a statement.
The cryptocurrency market was driven this year by interest in decentralized finance (DeFi) (the use of cryptography to replicate traditional financial services) and the popularity of irreplaceable tokens (NFT). According to market analyst Dapp Radar, the NFT market grew a staggering $10.7 billion in the third quarter of this year, an eightfold increase over the previous quarter.
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Meanwhile, US banks announced this week that they will introduce services for storing bitcoins and cryptocurrencies. Earlier this summer, JP Morgan began providing cryptocurrency support to wealth management clients, and Citi began following in the footsteps of Goldman Sachs and trading Bitcoin futures.
However, the recent surge in Bitcoin price did not increase the price of the minuscule cryptocurrency, the so-called “old season”, when other coins outperformed bitcoin. Ethereum, most of its competitors and many DeFi tokens grew faster than Bitcoin so far this year.
“We expect to see record highs in the coming weeks,” said Pankaji Barani, CEO of Delta Exchange, in emailed comments. “Also, Bitcoin is better than Altcoin and I look forward to future rotation from Altcoin to Bitcoin.”