JAKARTA – The price of Bitcoin (BTC) was again on the offensive on the evening of Sunday 22 August, when it touched US$50,000 for the first time since May 2021. This signals that the bull market is rapidly approaching the second leg.
BTC price peaked at $50,270.0 on Bitstamp, after rising 3% on the day, according to Cointelegraph Markets Pro. This largest cryptocurrency now has a total market cap of 943 billion US dollars.
Recent on-chain metrics suggest that a supply squeeze may be imminent, with long-term holders and institutions strengthening their BTC holdings while prices remain at a discount. A series of higher lows and positive daily close signals have brought momentum for BTC since trading in the low range of US$30,000.
Meanwhile, the Bitcoin Fear & Greed Index, which is based on multifactorial sentiment analysis, has gone from “extreme fear” to “extreme greed” in less than a month.
The cryptocurrency market appears to have changed course this month, with the combined crypto cap currently hovering around $2.2 trillion, according to Coinecko. In contrast, the combined crypto cap fell below $1.3 trillion during the depth of July's bear market action.
While Bitcoin initially led the crypto market recovery earlier this month, many altcoins have surged. At the time of writing, Cardano (ADA), Polkadot (DOT) and Solana (SOL) are all boasting double-digit gains for the week.
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