Bitcoin price tags $50K for first time since May
|The Bitcoin (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.
The BTC 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.
The Bitcoin 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 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 “extreme fear” to “extreme greed” 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 caplitazation dropped below $1.3 trillion during the depths of July's bearish market action.
While Bitcoin initially led the crypto market recovery earlier this month, many altcoins have since surged. At the time of writing, Cardano (ADA), Polkadot (DOT) and Solana (SOL) were all boasting double-digit gains for the week.
Information on these pages contains forward-looking statements that involve risks and uncertainties. Markets and instruments profiled on this page are for informational purposes only and should not in any way come across as a recommendation to buy or sell in these assets. You should do your own thorough research before making any investment decisions. FXStreet does not in any way guarantee that this information is free from mistakes, errors, or material misstatements. It also does not guarantee that this information is of a timely nature. Investing in Open Markets involves a great deal of risk, including the loss of all or a portion of your investment, as well as emotional distress. All risks, losses and costs associated with investing, including total loss of principal, are your responsibility. The views and opinions expressed in this article are those of the authors and do not necessarily reflect the official policy or position of FXStreet nor its advertisers.