Bitcoin price tags $50K for first time since May

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Bitcoin price tags $50K for first time since May

The Bitcoin (BTC) value was once again at the offensive overdue Sunday, touching $50,000 for the primary time since Would possibly and signaling that the bull marketplace was once speedy drawing near its 2d leg. 

The BTC value peaked at $50,270.0 on Bitstamp, having received 3% at the day, in line with Cointelegraph Markets Professional. The biggest cryptocurrency has a complete marketplace capitalization of $943 billion.

The Bitcoin value in short wicks above $50,000 on Bitstamp : Cointelegraph Markets Professional

On-chain metrics lately urged {that a} provide squeeze is also approaching, with long-term holders and establishments bolstering their BTC holdings whilst costs remained at a cut price. A sequence of upper lows and a good day-to-day shut sign have carried momentum for BTC since buying and selling within the low $30,000 vary.

In the meantime, the Bitcoin Worry & Greed Index, which is according to a multifactorial sentiment research, has flipped from “excessive concern” to “excessive greed” in not up to a month. 

Bitcoin sentiment has flipped certain this month. Supply: selection.me

The cryptocurrency marketplace seems to have became a nook this month, with the mixed crypto capitalization lately soaring at more or less $2.2 trillion, in line with Coingecko. Against this, the mixed crypto caplitazation dropped under $1.3 trillion right through the depths of July’s bearish marketplace motion.

Similar: Crypto marketplace cap returns to $2T for the primary time since Would possibly

Whilst Bitcoin to begin with led the crypto marketplace restoration previous this month, many altcoins have since surged. On the time of writing, Cardano (ADA), Polkadot (DOT) and Solana (SOL) have been all boasting double-digit good points for the week.