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Bitcoin hits $50,000 once again for a first time since May
Bitcoin (BTC) price is back for its second leg of the bull market after hitting the $50,000 mark once again for the first time since May. Following CoinMarketCap data, Bitcoin made it to $50,364.85 at around midnight Eastern Time, after breaking the barrier a little over an hour prior. In just a few months’ time, the top cryptocurrency recovered more than 70%.
On-chain metrics indicate that a supply squeeze could be next, with long-term holders and institutions reinforcing their BTC holdings while prices remained at a discount. On chain analyst Dylan LeClair explained how BTC’s run up from the low $30,000 range has largely been spot driven and noted on the bullish momentum.
— Dylan LeClair (@DylanLeClair_) August 23, 2021
All the while, the Bitcoin Fear & Greed Index, which takes multiple factors to account for a sentiment analysis, switched from “extreme fear” to “extreme greed” in less than a month.
Bitcoin Fear and Greed Index is 76 — Extreme Greed pic.twitter.com/DRCjj8wglN
— Bitcoin Fear and Greed Index (@BitcoinFear) August 22, 2021
The total crypto market capitalization currently currently sits at roughly $2.15 trillion, according to CoinMarketCap. Bitcoin’s market cap is just under a trillion at $945 billion at time for writing while trading at $50,325.
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Author: Peter Siu