Bitcoin price today has surged above the $50,000 mark for the first time in four weeks with its market capitalization rising more than 5% to hit $51,414 at the time of writing.
<h2><strong>Bitcoin Price Back Above $51,000</strong></h2>
Bitcoin has <a href="https://www.coingecko.com/en/coins/bitcoin">reclaimed</a> $50,000 for the first time since early September, slashing through the level that was seen by many analysts as a strong resistance.

Since touching $40,885 on Sept. 29, the flagship cryptocurrency has rallied 26.8% and reignited traders' hope for a year-end close above the $100,000 mark, a level that has become the price target for the end of 2021. The cryptocurrency last went past $50,000 after <a href="https://www.cryptoknowmics.com/news/el-salvadors-president-declares-the-start-of-volcano-powered-bitcoin-mining/">El Salvador</a> accepted it as legal tender, even as glitches with Bitcoin following the announcement led to a sharp 20%  price decline.

The surge in Bitcoin was accompanied by a surge in altcoins as well. The rise was led by Shiba Inu, a meme currency promoted by <a href="https://www.cryptoknowmics.com/news/elon-musks-tweet-on-shiba-inu-sends-the-tokens-value-soaring/">Elon Musk</a> after the Tesla CEO put out a tweet.

https://twitter.com/elonmusk/status/1444840184500129797

Not only that, the sudden rise in institutional crypto services from banks and financial institutions to fulfill the demand by investors, provided the much-needed push to Bitcoin to the cross $50,000 price mark.

There have also been reports that the US Securities and Exchange Commission (SEC) is likely to approve bitcoin exchange-traded product (ETF) in the next few weeks which could be another factor behind the sudden jump of Bitcoin price at the starting of this week.
<h2><strong>BTC Could Reach Over $300,000 Next Year</strong></h2>
A more macro, long-term perspective was provided by crypto trader and pseudonymous Twitter user ‘Pentoshi’, who posted BTC's price chart highlighting its multi-year trading range for BTC, saying, <em>“Range trading is clean but when BTC trends hard, it trends. These are my ranges on the macro. Looking to take the range highs.” </em>

According to his analysis, BTC's price could reach a range high of $323,216 sometime in 2022. The overall cryptocurrency market cap now stands at $2.229 trillion and Bitcoin’s dominance rate is 43.5%.

https://twitter.com/Pentosh1/status/1445434812928561160

Bitcoin (BTC) Price Climbs Back Above $51,000 With Soaring Market Capitalization

The price of Bitcoin has surged above $50,000 for the first time in 4 weeks with its market cap rising more than 5% to hit $51,414 at the time of writing.

Jafrin is a cryptocurrency journalist/researcher fascinated by the world of decentralization. She is hopeful towards blockchain’s innovation and its potential to reshape the world for good. Currently, she is bringing out the best of cryptosphere via covering the latest ins and outs of the blockchain space.

Bitcoin (BTC) Price Climbs Back Above $51,000 With Soaring Market Capitalization

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