Thursday, September 29, 2022

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. 

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