Bitcoin has earned the sum of $257.58bn in market capitalisation in the first eleven days of October.
According to Coinmarketcap.com, Bitcoin closed with a market cap of $824.62bn in September. It opened trading at $41,551.27 and closed at $43,790.90, with a market volume of $31,141,681,925 on the last trading day in September.
Bitcoin has since topped the $50,000 price, increasing to $57,439.17 on Monday as of 7:00pm Nigerian time. It had a trading volume of $44,025,679,008 and a market cap of $1.08tn.
Bitcoin is recovering from the lows of the last four months where it has traded consistently between the $30,000 and $40,000 mark. Bitcoin has since October 5, traded above the $50,000 mark, maintaining an upward trajectory as the market recovers.
At $57,000, Bitcoin is closer to its all-time price of $64,863 that it reached on April 14, 2021.
According to Glassnode, October has signaled a boost in Bitcoin network activity and also increased the probability that new demand is beginning to enter in the fourth quarter of 2021.
This has led to an increase in coin value of transactions. The median transaction size has risen to over 1.3 BTC.