Bitcoin

Bitcoin Back Above $50,000 As Market Recovers

The nasty slump of the last 2 weeks might become an afterthought as crypto markets showed healthy gains since trading resumed on Monday morning.

Bitcoin (BTC) rose 5% on Sunday to cross $50,000 for a historic third time this year. At the time of writing, the world-famous cryptocurrency was sitting at $50,800.

Since February 2021, Bitcoin has continued to show extreme volatility despite irregular pitfalls in the crypto space.

On 21st February, BTC slipped from a record-high of $58,000 to $48,000 in 14 hours, but even then the didn’t flinch and waited for the trends to recover, thus indicating growing confidence. The intelligence provider Glassnode aptly describes this evolving sentiment:

Crypto investors had their confidence finally restored when the BTC fanatic firm MicroStrategy allocated an extra $10 million in crypto holdings, taking its total BTC markup to $4.4 billion.

The remaining crypto market also progress. Ethereum is up almost 7% from yesterday. At $1,720, it’s still 17% shy of its record-high of over $2,000 only a fortnight ago. Excitement remains ever-present as other coins also pushed for higher momentum to maintain recovery.

For the time being, crypto to sail smoothly towards new highs.

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