Months after the historical fall of May that saw Bitcoin plummeting far below its all-time high of $64k, the flagship crypto-asset has again staged another significant move, reaching above the $50k level for the first time since then.
Early Monday saw the world’s largest cryptocurrency by market cap reach just over $50k; the price mark last visited in Mid May when several altcoins also fell below their ATH. At the time of this report, Bitcoin was trading above $50,100.
This significant move comes weeks after the world-class asset price plummeted below $30k in July, and it has since been staging a gradual recovery.
Data from CoinGecko reveals that its total market capitalization, which was initially far below $1 trillion, is now eyeing $1 trillion once again. It is currently sitting around $936 billion.
As said that other altcoins followed suit when Bitcoin plunged, the like of Ethereum, the second most valued asset, has also advanced in its price movement, jumped above $3,300, the highest seen since Mid-May.
It is worth stating the reasons why Bitcoin has come this far. You will recall that the Chinese crackdown on miners pushed the hash rate to the lowest and led the weak to sell massively at a loss.
But it started recovering after a short squeeze on the futures market between 21 to July 26 when exchanges showed massive interest in the purchase of Bitcoin.
Away from all of this, institutional interest is also gradually beginning to return to the flagship digital asset, as confirmed by a recent report from us.