Bitcoin

Bitcoin Surpasses $ 50,000 for the First Time Since Early May

The price of bitcoin surpassed the $ 50,000 mark on Sunday night as the world’s largest cryptocurrency continues to rebound from its collapse three months ago.

After flirting slightly above and below the $ 50,000 mark Sunday night, bitcoin broke and peaked at $ 50,250 just before midnight, according to data from Coindesk; it hadn’t been above $ 50,000 since early May. It peaked at nearly $ 65,000 in April, then lost more than half its value between mid-May and late June.

While $ 50,000 is a good round number, it’s the $ 51,000 mark that analysts have set as their next big hurdle, Fairlead Strategies technical strategist Katie Stockton told MarketWatch earlier this month.

Bitcoin is up 13% in the last five days and 48% in the last month, with a market capitalization of around $ 939 billion as of Sunday night. It was below the $ 30,000 level on July 20, but it is still up 73% so far this year.

The broader crypto space has also seen strong recent gains: Ether, which runs on the ethereum blockchain, surged more than 4% on Sunday, according to Kraken data, and has gained 52% over the last month since a similar drop in late May. Dogecoin has risen 63% over the past month, according to Kraken, still less than half from its all-time high of $ 70 cents in early May.

Samuel Edwards
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