Bitcoin price tags $50K for first time since May

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Bitcoin price tags $50K for first time since May

The Bitcoin (BTC) price was again on the offensive late Sunday, touching $50,000 for the first time since May and signaling that the bull market was quick approaching its second leg. 

The BTC price peaked at $50,270.00 on Bitstamp, having gained 3% on the day, in response to Cointelegraph Markets Pro. The biggest cryptocurrency has a complete market capitalization of $943 billion.

The Bitcoin price briefly wicks above $50,000 on Bitstamp : Cointelegraph Markets Professional

On-chain metrics lately prompt {that a} provide squeeze could also be imminent, with long-term holders and establishments bolstering their BTC holdings whereas costs remained at a low cost. A collection of upper lows and a positive daily close sign have carried momentum for BTC since buying and selling within the low $30,000 vary.

In the meantime, the Bitcoin Worry & Greed Index, which is predicated on a multifactorial sentiment evaluation, has flipped from “extreme fear” to “extreme greed” in lower than a month.

Bitcoin sentiment has flipped optimistic this month. Supply:

The cryptocurrency market seems to have turned a nook this month, with the mixed crypto capitalization at present hovering at roughly $2.2 trillion, in response to Coingecko. Against this, the mixed crypto caplitazation dropped beneath $1.3 trillion through the depths of July’s bearish market motion.

Associated: Crypto market cap returns to $2T for the first time since May

Whereas Bitcoin initially led the crypto market restoration earlier this month, many altcoins have since surged. On the time of writing, Cardano (ADA), Polkadot (DOT) and Solana (SOL) have been all boasting double-digit positive aspects for the week.