Bitcoin rose above $50,000 in early Monday morning, as the price continues to gradually rebound from its collapse three months ago.
This is the first time Bitcoin is trading above $50,000 since May 12. The world’s most popular cryptocurrency has posted five green weekly candles in row.
Bitcoin crossed the $50,000 mark for the first time in history on February 19, 2021 and continued to soar. It however peaked at nearly $65,000 in April, and then lost over half of its value between mid-May and June. Bitcoin last traded below $30,000 on 21 July.
At 05:19 GMT Monday morning, Bitcoin is up 2.35% trading at $50,290.5, according to the data on Investing.com Index.
In the past one month, Bitcoin is up 49.8%. Year-to-date, it is gaining by 73.92%.
Other cryptocurrencies are also rising, with Ethereum trading at $3,339.86, up 3.48%, XRP is trading at $1.24592, up 1.21%.
Dogecoin is trading at $0.316194, up 4.70%, Cardano is gaining 10.86% at $2.791793. Binance Coin is up 6.08% at $472.92.
Recently, Cryptocurrency market has received two positive announcements. Coinbase said it would buy $500 million in crypto on its balance sheet and allocate 10% of profits into a crypto assets portfolio.
PayPal also announced it would launch its service to let people buy, hold and sell digital currencies, in the U.K.
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Ifunanya Ikueze is an Engineer, Safety Professional, Writer, Investor, Entrepreneur and Educator.