Bitcoin rate for the first time in three months reached 50 thousand dollars
At the end of June, Bitcoin’s rate dropped to $29,000. However, since then, the BTC rate has risen by over 72%. On August 22, for the first time in three months, the Bitcoin (BTC) rate reached above $50,000.
According to Cointelegraph Markets Pro, the price of BTC peaked at $50,270 on Bitstamp, up 3% in a day. The total market capitalization of the cryptocurrency at the time of writing is $943 billion.
Some experts have suggested the possibility of an imminent reduction in supply. This is due to the fact that long-term holders and institutions have been increasing their BTC holdings while the rate has remained low. A series of higher lows and a positive daily close have given momentum for BTC since trading in the $30,000 range.
Meanwhile, the Bitcoin Fear and Greed Index has changed from “extreme fear” to “extreme greed” in less than a month.
According to Coingecko, the cryptocurrency market appears to have changed this month, with the total cryptocurrency market cap currently hovering around $2.2 trillion. In contrast, the aggregate crypto capitalization fell below $1.3 trillion in the midst of the July bearish market action.
Although Bitcoin initially spearheaded the recovery of the cryptocurrency market earlier this month, many altcoins have risen sharply since then. At the time of writing, Cardano (ADA), Polkadot (DOT) and Solana (SOL) are all showing double-digit gains over the week.