Bitcoin at The Peak, With Over 50k Dollars For The First Time in 3 Months

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Bitcoin prices are back to their all-time highs, having peaked at $50k for the first time in over three months. Bitcoin has been experiencing a resurgence in recent months. The last 24-hours have seen its value rise by 2.5%. It is growing by 71.4% year-to-date, thus reaching its highest point since May 15th with the current price of $50,050!

The price of Bitcoin has fluctuated this year, rising to record highs and plunging back down. The sudden drop in prices was renewed regulatory scrutiny from Chinese authorities. This led mining operations to shut down and move elsewhere.

It’s not the first time we’ve crossed this legendary milestone. But given the advancements in the industry lately, $50,000 seems justified now.” Said Mati Greenspan, CEO of Quantum Economics. 

The recent price increase of Bitcoin exhilarates cryptocurrency brokers. And many industry leaders warn that this is all part of a more significant trend. 

Toby Chapple, from Zerocap, said in an interview on Telegram. “The market continues to hover over the 200-day moving average with bulls still in play. Thus, relative out-performance by cardano, ether and polkadot have provided support for BTCUSD.” 

The cryptocurrency market surged on Monday, providing much-needed relief for investors. According to sources, other digital tokens, including ether and binance, were moving higher. 

This is sending the value of cryptocurrencies above $2.2 trillion. 

BTC Futures Annualized Rolling 1 month Basis (Source: Skew/Zerocap )

Yet, Chapple said investors should prepare for market fluctuation this summer due to events. 

The Jackson Hole symposium of the Federal Reserve and the FOMC meeting is coming up in September. “Any move by the Fed would be negative for price action. It will thus involve possible contagion from a risk-off event in traditional markets.” Bitcoin’s rally has been met with excitement, as the crypto market is enjoying a surge in value. 

Furthermore, other top cryptos are also rallying, though not to the same degree. Cardano and litecoin have seen values rise by 12%, while uni swap saw an increase of 2%.