Bitcoin has re-entered the $50,000 price range for the first time in over three months. The world’s largest cryptocurrency by market capitalization has gained 2.5 % in the last 24 hours and is now trading for roughly $50,050, its highest level since May 15. According to CoinDesk, Bitcoin’s year-to-date returns are now at 71.4 %.
After plunging from a peak near $65,000 in mid-April, Bitcoin has recovered after trading in a range of approximately $30,000 to $40,000 for many weeks. Nonetheless, it has increased dramatically in the last year.
“It’s not the first time we’ve crossed this legendary milestone, but given the advancements in the industry lately, $50,000 certainly seems justified at this time,” said Mati Greenspan, CEO of Quantum Economics.
According to the 2021 Global Crypto Adoption Index published by blockchain analytics platform Chainalysis, global crypto adoption increased by 880 percent between June 2020 and July 2021. According to the survey, India ranks second in the world in terms of cryptocurrency usage, trailing only Vietnam but ahead of countries like the United States, United Kingdom, and China.
Before the recent uptick, the crypto business had been battered by a Chinese crackdown and concerns about the environmental impact of the energy used to manufacture coins and handle transactions. Bitcoin’s surge was aided by statements from billionaire Elon Musk and Cathie Wood of Ark Investment Management LLC.
Cryptocurrencies soared at the end of July after Amazon advertised an open position for a digital currency and blockchain product, leading to Bitcoin reaching a six-week high of roughly $39,043. (At the time, though, Amazon denied reports that it will start taking Bitcoin as a form of payment this year.)
Even amid the cryptocurrency’s downturn, executives from other companies such as Tesla and AMC expressed support for and interest in it. AMC said earlier this month that moviegoers would soon be able to pay with Bitcoin at its cinemas across the United States.
Customers in the United Kingdom will be able to purchase, trade, and hold four cryptocurrencies, including Bitcoin, starting this week, according to PayPal. Customers in the United Kingdom will be able to trade not only Bitcoin and Bitcoin Cash but also Ethereum and Litecoin. PayPal’s website and mobile app also have instructional resources to assist consumers in making informed buying, selling, and holding decisions.
Though price action continues above a key indicator used to evaluate the momentum of a given trend, daily trading volume has remained relatively stable and has continued to fall from days prior.
Though price action continues above a key indicator used to evaluate the momentum of a given trend, daily trading volume has remained relatively stable and has continued to fall from days prior.
“The market continues to hover over the 200-day moving average with bulls still in play,” Toby Chapple, head of trading at digital asset firm Zerocap, told CoinDesk via Telegram. “Relative outperformance by Cardano, ether, Polkadot, Uniswap, and others have provided a supporting bid for BTC/USD in recent days.”
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