Bitcoin higher again as Uptober rally continues

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Bitcoin continued on the front foot on Monday rising to its highest level for five months.


Changing hands at US$57.355, Bitcoin’s total market cap moved above US$1 trillion.


It comes as macro-economic influences present the cryptocurrency as increasingly attractive to investors seeking a store of value as well as a potential hedge on inflation.


At the same time, there’s increasing industry buzz about a potential regulatory green light for Bitcoin ETF products in the United States, with traders hoping that an SEC approval will trigger a fresh wave of Bitcoin buying as they open up crypto to a wider investor audience.


READ: US markets regulator gives green light to ‘nearest thing to a US bitcoin ETF’


Such is the current momentum in Bitcoin specifically, and crypto generally, the Bitcoin last week set a new record for daily volume – according to industry stats which showed that some US$31bn of bitcoin trades were settled on one day last week (setting the new high on October 6).


Ethereum was up only a shade higher at US$3,584 whilst Cardano, which is again rated as the number 3 crypto by value, was down 1.9% at US$2.21.


Cardano’s leapfrog above Binance Coin however merely reflected its slightly steeper decline in recent sessions, according to coinmarketcap.com, the former is now worth a total of US$70.6bn and the latter total worth has dipped to US$70.1bn.

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