Latest news about Bitcoin and all cryptocurrencies. Your daily crypto news habit.
Since plunging to the $29,000 range in late June, Bitcoinâs price has recovered more than 72%.
Bitcoinâs (BTC) price was back on the offensive late Sunday, touching $50,000 for the first time since May and signaling that the bull market was fast approaching its second leg.Â
BTCâs price peaked at $50,270.00 on Bitstamp, having gained 3% on the day, according to Cointelegraph Markets Pro. The largest cryptocurrency has a total market capitalization of $943 billion.
Bitcoinâs price briefly wicks above $50,000 on Bitstamp : Cointelegraph Markets Pro
On-chain metrics recently suggested that a supply squeeze may be imminent, with long-term holders and institutions bolstering their BTC holdings, while prices remained at a discount. A series of higher lows and a positive daily close signal have carried the momentum for BTC since trading in the low $30,000 range.
Meanwhile, the Bitcoin Fear & Greed Index, which is based on a multifactorial sentiment analysis, has flipped from âextreme fearâ to âextreme greedâ in less than a month.
Bitcoin sentiment has flipped positive this month. Source: Alternative.me
The cryptocurrency market appears to have turned a corner this month, with the combined crypto capitalization currently hovering at roughly $2.2 trillion, according to CoinGecko. By contrast, the combined crypto capitalization dropped below $1.3 trillion during the depths of Julyâs bearish market action.
Related: Crypto market cap returns to $2T for the first time since May
While Bitcoin initially led the crypto market recovery earlier this month, many altcoins have since surged. At the time of writing, Cardano (ADA), Polkadotâs DOT and Solana (SOL) were all boasting double-digit gains for the week.
Disclaimer
The views and opinions expressed in this article are solely those of the authors and do not reflect the views of Bitcoin Insider. Every investment and trading move involves risk - this is especially true for cryptocurrencies given their volatility. We strongly advise our readers to conduct their own research when making a decision.