Bitcoin Hits 5 Month High; Trades at Over $54,000 a Coin

Bitcoin, the world’s leading cryptocurrency, gained 9.64 percent on Wednesday to $54.900.10 per coin, a 5-month record high. The cryptocurrency has gained 24 percent in the month of October alone despite China’s regulations and restrictions.

“Bitcoin’s move to a five month high comes as no surprise to those who have been following this asset closely over the last few months,” said Jason Deane, analyst at Quantum Economics.

Markets often move on momentum and sentiment – especially after periods where it has been trading for a while in a price range, according to Deane.

Sentiment has significantly improved over the first week of October, signalling a shift away from the previous few months’ market panic. Bitcoin was trading at $43,798 on the first day of October, and has jumped over $10,000 since, to $54,220.

Denis Vinokourov, head of research at Synergia Capital, attributed today’s price pump to the U.S. Securities and Exchange Commission (SEC) Chair Gary Gensler telling Congress on Tuesday that the SEC has no plans to ban crypto.

“Gensler may have come across as very anti crypto but he is not here to kill off crypto,” said Vinokourov.

“Tectonic plates have come together with the threat of a ban being removed,” said Charles Morris, founder of ByteTree Asset Management.