Bitcoin Closed In On $50,000 With 51% Monthly Gains – Highest Since May
Bitcoin broke above $49,000, after a 51% monthly increase, and recorded a three-month high closing in on $50,000.
Bitcoin initiated the latest price push in the past 24 hours resulting in breaking above $49,000 for the first time since mid-May.
Bitcoin Visited Close to $50K
Only two days ago the situation for the bitcoin landscape seemed little worrying. The asset had lost several thousand dollars of value in hours and had fallen below $44,000.
However, it all changed as the bulls marched in. A day later, BTC spiked back up by around $3,000, and touched $47,000. Although this was an impressive price increase of its own, there was more to come.
Bitcoin climbed up more and reached $48,000. Unlike the past two attempts to break $48K level, this time was successful. BTC didn’t stop there and even broke above $49,000, and went as high $49,669 according to CoinMarketCap. This became its highest price line since the mid-May crash.
At the time fo writing, bitcoin still stands at around $48,735. Looking on a more macro scale, this means that BTC is up by about 50% since the start of the month. Its market capitalization stands at $917 billion, and BTC dominance over the altcoins has also recovered slightly after the recent drops.
