Bitcoin price breaks $50k again as Shiba Inu and Dogecoin soar

SHIB and DOGE are seeing the astir gains among altcoins arsenic BTC looks to conflict the profit-taking deals supra $51k

Bitcoin terms has soared supra $50,000 arsenic the crypto marketplace looks to bounce higher during a historically bullish 4th quarter.

The bellwether cryptocurrency's worth has seen an uptick successful the archetypal week of October, with today's upside seeing it surge past the $51,000 hurdle. Bitcoin terms is presently up 4.4% successful the past 24 hours and much than 26% up successful the past 7 days.

At clip of writing, BTC is trading astir $51,700 having surged past the $51,000 obstruction to astir interruption supra $52,000. According to information from CoinGecko, the aboriginal trading sessions connected Wednesday saw buyers propulsion to an intraday precocious of $51,970.59, a level apt to springiness a hint of wherever prices could spell next.

BTC/USD regular chart. Source: TradingView

According to 1 highly respected analyst, Bitcoin could spot gains passim October to scope highs of $63,000, earlier a slowdown successful November and past different limb up successful December.

Based connected historically recurring #BTC terms tendencies crossed cycles…

Bitcoin could rally to ~$63,500 successful October

Then retrace to the low/mid-$50,000s successful November

Then interruption retired to caller All Time Highs$BTC #Crypto #Bitcoin

— Rekt Capital (@rektcapital) October 5, 2021

Bitcoin's surge is disconnected the backmost of affirmative comments from SEC Chair Gary Gensler, who told a Senate committee connected Tuesday that the regulator had nary plans to prohibition crypto successful the US. Similar comments were besides made by Fed Chair Jerome Powell past week, with the US looking to instrumentality an other stance to that adopted by China.

Shiba Inu and Dogecoin soar 82% and 13% respectively

While Bitcoin's interruption supra a cardinal hurdle for the archetypal clip successful weeks is an awesome feat successful the market, Shiban Inu (SHIB) and Dogecoin (DOGE) upstage it erstwhile it comes to racking up the astir gains successful the past 24 hours.

Shiba Inu and Dogecoin's respective rallies travel different tweet from Tesla CEO Elon Musk, which shows the billionaire's “Floki Frunkpuppy”. There's besides speculation astir a imaginable listing connected Robinhood for SHIB, adding to the buy-side pressure.

Shiba Inu is registering the astir gains connected the time astatine 82% arsenic it changes hands astatine $0.000024. The cryptocurrency presently occupies the 17th spot among the largest crypto assets by marketplace headdress and could spot further upward question to people prices supra $0.000025. 

Dogecoin, connected the different hand, is besides seeing important gains with its worth 13% and 34% up implicit the past 24 hours and 7 days respectively. DOGE's worth against the US dollar is $0.27 astatine clip of writing, with an uptick apt to nonstop it to the $0.28 to $0.30 range.