Bitcoin Has Tapped $50K Since May; Total Market Capitalization Turns $943B

Bitcoin has reached $50,000 in value since May and the total market capitalization of cryptocurrencies is now at $943 billion. The price surge is due to a number of factors but mostly because of the increased demand for bitcoin as institutional investors enter the market.

Bitcoin has tapped $50K since May; the total market capitalization is now $943B. Read more in detail here: what is one bitcoin worth.

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During the market crash, Bitcoin was battling to achieve $30,000, as we all know. It did, however, manage to break over a strong resistance level and begin to recover from its bearish condition. Since May, BTC has been steadily rising, and it has been trading over the $40K level for the last month.

Significantly, Bitcoin has climbed to a high point and is currently trading around the $50,000 range, which seems to be the most intriguing section of the crypto-market at the moment. Furthermore, the industry’s biggest cryptocurrency has a total market value of $943 billion dollars.

Bitcoin Has Tapped $50K Since May; Total Market Capitalization Turns $943BBitcoin Trading Chart

After the crackdown in May, the chart plainly shows an increasing tendency. According to on-chain data, long-term holders and institutional investors increased their BTC holdings while prices remained low. BTC has gained momentum from its low point of $30,000, with a succession of highs and lows in between.

The market capitalization of cryptocurrency has surpassed $2 trillion.

This month, the crypto market seems to have a higher capitalisation than it had in May. The entire market capitalization of cryptocurrencies is now about $2.2 trillion, with Bitcoin alone valued at $943 billion.

Bitcoin’s mood has shifted from “severe fear” to “extreme greed” in less than a month, according to the Fear & Greed Index. On the contrary, during the gloomy month of July, the overall market capitalization fell below $1.3 trillion, but the market has since rebounded.

However, following Bitcoin’s bullish trigger, other cryptocurrencies followed in its footsteps. BTC’s price has risen dramatically since the beginning of the month, while the prices of other altcoins have also reached new highs. Bitcoin (BTC) is now up 6.4 percent in seven days, while Cardano (ADA), Polkadot (DOT), and Solana (SOL) are all up double digits in seven days.

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