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Bitcoin, Ethereum, Cardano, BNB, XRP, Solana, Polkadot And Dogecoin Are Suddenly Soaring

Radical Bitcoin Upgrade Escalates Ethereum, Binance’s BNB, Solana, Cardano And XRP Rivalry After Huge Price Rallies
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Bitcoin and cryptocurrency prices rose suddenly, with Bitcoin approaching the $50K distance for the first time since early September.

Bitcoin price has added 10% in the past 24 hours and gained $5,000 in the space of an hour this morning. Other major cryptocurrencies also jumped, with Ethereum jumping 9% and up over $3,000 per Ether.

The sudden rally – seen by the other top 10 cryptocurrencies by value including Cardano, Binance’s BNB, Ripple’s XRP, Solana, Polkadot, and dogecoin all adding about 10% – pushed the common crypto market more than 2 trillion dollars.

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The exact reason for the bitcoin and cryptocurrency price hike was not immediately clear, however, some pointed to comments made yesterday by Federal Reserve Chairman Jerome Powell that the United States will not follow in China’s footsteps in banning bitcoin and cryptocurrencies.

“Digital assets will continue to be integrated into the financial system, and will also become an increasingly popular asset allocation segment among large investors and institutions,” said Gregory Klumov, CEO of stablecoin platform Stasis, in comments via email.

Other crypto market watchers have joked that the sudden rally is just the result of a bearish September coming to an end. September has historically been a poor month for the price of bitcoin, as bitcoin is down around 10% during September of this year, dropping along with most of the financial markets.

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“At this point, buyers are starting to buy back bitcoin quickly, which gives some hope,” Alex Kuptsikevich, chief financial analyst at FxPro, said by email.

“Over the past month, bitcoin has beaten bears in this area five times. Bitcoin has finally made up for the Chinese news factor and news from China is likely to have less and less impact on bitcoin price dynamics.”

Earlier this month, the US Securities and Exchange Commission (SEC) was expected to give the green light to the much-anticipated bitcoin trading fund (ETF) as soon as October – something it believes could send the bitcoin price to $100,000.

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