Bitcoin price reaches $50,000 for the first time since May


Bitcoin (Bitcoin) Prices returned to the offensive end late on Sunday and touched $50,000 for the first time since May, indicating that the bull market is rapidly approaching the second phase.

The price of Bitcoin hit a peak of $50,270.0 on Bitstamp and rose by 3% that day. Cointelegraph Markets Pro. The largest cryptocurrency has a total market capitalization of US$943 billion.

The price of Bitcoin on Bitstamp briefly exceeded $50,000: Cointelegraph Markets Pro

On-chain indicators have recently indicated that supply constraints may be imminent, with long-term holders and institutions increasing their BTC holdings, while prices remain discounted.A series of higher lows and a Daily closing positive Since the low trading of $30,000, this signal has given momentum to BTC.

At the same time, the Bitcoin Fear and Greed Index based on multi-factor sentiment analysis has been Flip In less than a month, from “extreme fear” to “extreme greed”.

Bitcoin sentiment turned positive this month. Source: alternative.me

According to Coingecko, the cryptocurrency market seems to have turned around this month, and the total cryptocurrency market value is currently hovering at approximately US$2.2 trillion. In contrast, during the depth of the bearish market action in July, the total market value of cryptocurrencies fell below $1.3 trillion.

Related: Crypto market value rebounded to 2T USD for the first time since May

Although Bitcoin initially led the recovery of the crypto market earlier this month, many altcoins have since surged. At the time of writing, Cardano (Have), Polka (Dot) and Solana (SOL) Both recorded double-digit gains this week.