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Bitcoin Surges Above $50,000 For First Time Since May

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Bitcoin has re-entered the $50,000 price range for the first time in over three months.

 

The world's largest cryptocurrency by market capitalization has gained 2.5 percent in the last 24 hours and touched roughly $50,010 on Sunday, its highest level since May 15. According to CoinDesk data, Bitcoin's year-to-date returns are now at 71 percent.

Bitcoin Surges Above $50,000 For First Time Since May

With a 24-hour trading volume of $28,398,835,669 USD, the current Bitcoin price is $49,989.49 USD. Bitcoin has gained 2.53% in the last 24 hours. With a live market cap of $939,522,428,109 USD, CoinMarketCap currently ranks #1.

Bitcoin is a peer-to-peer digital money, which means that all transactions take place between equal, independent network participants without the need for a middleman to allow or facilitate them.

Long-term holders and institutions bolstered their BTC holdings while prices remained at a discount, according to on-chain measures, indicating that a supply crunch could be on the way. Since trading in the low $30,000 range, BTC has gained momentum thanks to a series of higher lows and a good daily close signal.

While Bitcoin led the comeback in the crypto market earlier this month, numerous altcoins have since risen in value. Cardano (ADA), Polkadot (DOT), and Solana (SOL) were all up double digits for the week at the time of writing.

 

Other cryptos in the top 20, with market capitalization rising in response to the move in Bitcoin, showing biggest rises with Cardano, litecoin, and Uniswap, from 2% to 12%.

Read more about: bitcoin cryptocurrency
Story first published: Monday, August 23, 2021, 9:40 [IST]
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