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Highlights
- Bitcoin touched the $50,000 mark for the first time since May
- The leading cryptocurrency was up by 2.47% and was trading at $50,311.40, according to CoinMarketCap.
- After it reached the record-high $65,000 in mid-April, it had plunged to as low as $29000 in June.
The leading cryptocurrency, Bitcoin, is back in action now. After breaching the psychological barrier of $50,000, Bitcoin was trading at $50,311.40 on Monday. This was its highest rally since mid-May and was up by 2.47% at the time of writing (BST 6:15 am) as per CoinMarketCap. Bitcoin as per CoinMarketCap was trading at a volume of US $29,67,31,23,807 with a live market cap of US $9,45,72,39,93,024. Bitcoin has been trading well over $40,000 in the past few days now. After it reached the record-high of US $65,000 in mid-April, earlier this year, it plunged to as low as US $29,000.
Also Read: How high can bitcoin go as Wells Fargo, JP Morgan push for Bitcoin fund
Crypto Market Cap sees an increase
The rally seen in recent months by the crypto market has boosted the cryptocurrency market cap as well. As per CoinGencko, the total market cap of cryptocurrencies was up by 1.1% and was at US $2.17 trillion on Sunday. This is largely due to the rally that we have seen in the past seven days by significant cryptocurrencies such as Bitcoin, which registered a 5.69% gain in the past seven days, along with Cardano, which registered 31% gain in the seven-day period along with Solana prices which registered again by 15.31% as per CoinMarketCap.
Strong recovery despite crypto regulations looming large
This has been an incredible run since the leading cryptocurrency saw a lull period in May following Elon Musk tweet, Delta Virus scare and China’s crackdown on cryptocurrencies. However, ever since high-profile investors, including Twitter founder Jack Dorsey, flagged his interest in the leading coin and the fact that Musk himself holds few Bitcoins, the interest seems to have come back amongst the investors.
Many believe this bull will last that by the end of the year, we could see Bitcoin price hit the US $100,000 mark. Despite the calls for crypto regulations, the moods amongst the investors, especially the instructional investors, seem to be upbeat.
The U.S. Securities and Exchange Commission (SEC) Chair Gary Gensler had called the space a “Wild West.” Gensler believed that investors rights need to be protected, and there is a need for a regulatory framework required for the same.
Conclusion
The upcoming days will be crucial for Bitcoin and the cryptocurrency market overall. Investors, traders, and market participants will hope that this bull run continues and strengthens from here on. But the market will also be wary of issues such as the US Federal Reserve meetings at the end of this month, and the Federal Open Market Committee meeting in September may impact the market. But for now, the bullish run has given the confidence to the market has managed to pull itself out of the bear run.
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Suhita Poddar - Author912 PostsSuhita is a financial journalist at Kalkine Media. She writes on various topics with a specific interest in the renewable energy sector, sustainability and climate finance. She is a former research analyst with over 9 years of experience in the finan...
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Basudha Das - Research Editor0 Postsasudha Das is a business journalist and a climate change and environmental enthusiast with a focus on economy, financial markets, and green measures taken globally. Before joining Kalkine, Basudha worked with top Indian business magazines, newspapers...
