The price of Bitcoin has rebounded more than 72 percent from plummeting to the $29,000 level in late June.Late Sunday, the Bitcoin (BTC) price went on the attack, breaking $50,000 for the first time since May and suggesting that the bull market was about to enter its second leg.As per the Cointelegraph Markets Pro, the BTC price reached a high of $50,270.00 on Bitstamp, up 3% on the day. The world’s biggest cryptocurrency is worth $943 billion in total market value.
Long-term investors and institutions bolstered their BTC holdings while prices remained at a markdown, according to on-chain data, indicating that a supply crunch might be on the way.As of trading in the low $30,000 level, BTC has gained momentum thanks to a series of relatively high lows and a bullish daily close signal. Furthermore, in even less than a month, the Bitcoin Fear & Greed Index, which is built on a multifactor sentiment study, has switched from “extreme fear” to “extreme greed.”
Thus according to Coingecko, the cryptocurrency market looks to just have weathered the storm this month, with the overall crypto valuation hovering around $2.2 trillion. During the dark recesses of July’s adverse market activity, however, the total crypto capitalization fell below $1.3 trillion.
Even when Bitcoin led the rebound in the crypto market earlier this month, several altcoins have subsequently risen in value. Cardano (ADA), Polkadot (DOT), and Solana (SOL) were all up double digits for the week at the time of writing.