Bitcoin rises above $50,000 for first time in 3 months

By Team Newsable | First Published Aug 23, 2021, 10:22 AM IST

The world’s largest cryptocurrency continues to rebound from its collapse, which plunged to just below $30,000 in July, three months ago

Bitcoin's price topped the $50,000 threshold on early Monday UTC time, the first time in over three months.

The world’s largest cryptocurrency continues to rebound from its collapse, which plunged to just below $30,000 in July, three months ago.

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As per CoinDesk, Ether, the coin linked to ethereum blockchain and the second largest crypto, surged to $3,321. Dogecoin, on the other hand, was trading at $0.32, up 1%. Other digital coins like Stellar, Uniswap, XRP, Litecoin, Cardano also were trading with gains over the last 24 hours.

Ether's price, meanwhile, has also jumped above $3,330, the highest point since mid-May.

Over the past five days, Bitcoin has surged 13%, and was up at 48% in the past month, with a market cap around $939 billion as of Sunday night. It was below the $30,000 level as recently as July 20 but is still up 73% year to date.

Two key announcements have been positive for the cryptocurrency space, in the last few days. Last week, Coinbase said it would buy $500 million in crypto on its balance sheet and allocate 10% of profits into a crypto assets portfolio.

The worldwide crypto adoption grew by 880% between June 2020 and July 2021, according to the 2021 Global Crypto Adoption Index by blockchain data platform Chainalysis. India ranks second in terms of crypto adoption worldwide behind Vietnam, but ahead of countries such as the US, UK, and China, as per the report.

Meanwhile, other digital coins were also standing at a higher rate. Ether was trading up about 2% at $3,302.59, while PayPal on Monday announced it would launch its service to let people buy, hold and sell digital currencies in the UK.

The virtual currencies’ revival has again excited animal spirits among the crypto faithful, putting longer term predictions of $100,000 or more for Bitcoin back in vogue. Others see the speculative, volatile asset carving out a wider trading range for now.

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