Sunday, February 5, 2023

Bitcoin Touches Mark Of $50,000 For First Time Since Mid-May

After months of struggle to recover its value, Bitcoin has been able to reach the mark of $50,000 again, on Sunday evening. Though the world’s largest cryptocurrency by market cap has not been able to touch its all-time high position, it still has managed to recover a lot. 

This is for the first time, since May, Bitcoin touched the mark of $50,000, which also signals that the bull market approaching its second leg. 

Recently, the on-chain metrics suggested that supply squeeze could be imminent, with long-term holders and institutions bolstering their BTC holdings while prices remained at a discount. 

Since the time Bitcoin started being trade in the low $30,000 range, a series of higher lows and positive daily close signals carried the momentum for it.

In the meantime, the multifactorial sentiment aCoinGeckonalysis based Bitcoin Fear & Greed Index reached the extreme greed position from extreme fear, and it happened in less than a month.

Bitcoin Fear & Greed Index

The recent development in combined crypto capitalization, which is reaching near $2.2 trillion, shows that the crypto market is over with its most difficult time period, reports CoinGecko. In July, the same combined crypto capitalization reached below $1.3 trillion.

As the month started, Bitcoin led the crypto market recovery, however, before that many altcoins in the market experienced a growth in their value. 

Leave a Reply

Latest article

Bitcoin (BTC) $ 23,342.25
Ethereum (ETH) $ 1,661.44
Tether (USDT) $ 1.00
BNB (BNB) $ 329.71
USD Coin (USDC) $ 1.00
XRP (XRP) $ 0.409391
Binance USD (BUSD) $ 1.00
Cardano (ADA) $ 0.397332
Dogecoin (DOGE) $ 0.094699
Polygon (MATIC) $ 1.25