The price of Bitcoin hits $50,000 on Sunday night. It reaches more than a three-month high as the cryptocurrency continues to rebound.
In April, Bitcoin hit an all-time high of over $64,000 but heavily crashed and lost more than half of its value in June and July. one of the major reasons was renewed regulatory scrutiny from Chinese authorities which has forced bitcoin mining operations to shut down and move elsewhere.
However, since mid-July, Bitcoin is on a bull run. In the past few days, two positive announcements helped the price of Bitcoin to move up.
First, Coinbase said it would buy $500 million in crypto on its balance sheet and allocate 10% of profits into a crypto assets portfolio. Second, PayPal said it would launch its service to let people buy, hold and sell digital currencies, in the U.K.
Vijay Ayyar, head of business development at cryptocurrency exchange Luno, said that a large number of market participants went long on Bitcoin at $29,000 to $30,000 level when bitcoin was roughly at a 50% discount to April’s all-time high. He said that the participants took advantage of those prices. He also added that the chart shows very bullish signs.
Bitcoin has surged 13% over the past five days, and is up 48% in the past month, with a market cap of around $939 billion as of Sunday night. It was below the $30,000 level as recently as July 20 but is still up 73% year to date. Meanwhile, other digital coins were also bullish. Ether was trading up about 1.8% at $3,302.59 early Monday morning.
Bitcoin is up 73% this year, Ether 350%, and ADA over 2,000%. The likes of Dogecoin and Solana have also contributed to the crypto rally. The value of the entire cryptocurrency market stood above $2.14 trillion on Sunday, according to data from Coinmarketcap.