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 buyers didn’t flinch and waited for the trends to recover, thus indicating growing confidence. The intelligence provider Glassnode aptly describes this evolving sentiment:
60-Day SOPR (entity-adjusted) reset without falling below one.
— glassnode (@glassnode) March 5, 2021
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 shows progress.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 continues to sail smoothly towards new highs.