Bitcoin, the largest cryptocurrency, broke above the crucial psychological threshold of $50,000 on Tuesday for the first time since Sept. 7.
“It’s too early to say whether this will turn into a new support level in the short term, but it is clear that the overriding market view is bullish,” said Jason Deane, an analyst at Quantum Economics.
The latest surge in bitcoin appeared to lead a broad rally in cryptocurrency prices. The Ethereum blockchain’s native cryptocurrency, ether, was up 3%, while Polygon’s MATIC rose 4.8% and Binance’s BNB coin gained 4%.
At press time, bitcoin was trading about $50,250, up 5.4% over the last 24 hours.
The S&P 500 Index is little changed since the end of September.
UPDATE (OCT. 5, 10:26 UTC) Adds quote, altcoins, S&P 500′s October performance; updates bitcoin price.