Since plunging to the $29,000 range in late June, Bitcoin’s price has recovered more than 72%.
The Bitcoin (BTC) price was back on the offensive late Sunday, touching $50,000 for the first time since May and signaling that the bull market was fast approaching its second leg.
The BTC price peaked at $50,270.00 on Bitstamp, having gained 3% on the day, according to Markets Professional. The biggest cryptocurrency has a complete market capitalization of $943 billion.
On-chain metrics recently suggested that a supply squeeze may be imminent, with long-term holders and institutions bolstering their BTC holdings while prices remained at a low cost. A series of higher lows and a positive everyday close signal have carried the momentum for BTC since trading in the low $30,000 range.
In the meantime, the Bitcoin Fear & Greed Index, which is based on multifactorial sentiment analysis, has flipped from “extreme fear” to “extreme greed” in less than a month.
The cryptocurrency market seems to have turned a corner this month, with the combined crypto capitalization at the moment hovering at roughly $2.2 trillion, according to Coingecko. By contrast, the mixed crypto capitalization dropped under $1.3 trillion during the depths of July’s bearish market action.
While Bitcoin initially led the crypto market recovery earlier this month, many altcoins have since surged. At the time of writing, Cardano (ADA), Polkadot (DOT) and Solana (SOL) had been all boasting double-digit good points for the week.