Bitcoin Hits $56,000

On Monday (October 11), the Bitcoin price surged above the $56K level for the first time since May 12.

According to data by TradingView, on crypto exchange Bitstamp, BTC-USD broke above the $56K level around 3:23 a.m. UTC on October 11. By 7:04 a.m., the Bitcoin price had reached $56,879, which is so far today’s intraday high.

One-Day BTC-USD Price Chart Bitstamp by TradingView

Currently (i.e. as of 7:15a.m. UTC on October 11), Bitcoin is trading around 56,706, which means that it is up 1.75% in the past 24-hour period. As for the year-to-date period, the Bitcoin price is up 95.54% vs USD.

One-Year BTC-USD Price Chart (Coinbase) by TradingView

Crypto analyst Lex Moskovski said yesterday that if Bitcoin really starts to take off, then it does not necessarily mean that all the altcoins will be left behind and proceeded to explain why: