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George Spencer

August 23, 2021

Bitcoin Crosses the $50k Mark

After an ongoing recovery from a disorderly rout just three months ago, Bitcoin has finally crossed $50,000 again. The largest virtual coin has advanced as much as 4.2% to almost $50,019.20 this morning.

BTC traded 2.42% higher at $49,915.30 over 24 hours at press time. For the week, the apex cryptocurrency traded 4.97% higher. Since the year began, BTC has gained 70.28%. Bitcoin last traded above the $50,000 mark in May.

Other tokens like Ether and Cardano’s ADA are also rising. The comeback from the virtual currencies has excited the spirits of bulls to have increasing faith in Bitcoin. Predictions of Bitcoin hitting $100,000 is back in fashion as we see the volatile asset carving out a wider trading range.

We’re seeing some very bullish signs here, people. Bitcoin is likely to reach or even breach its all-time high again, especially pushing past levels that some had seen as major challenges.

Bitcoin hit a record of almost $65,000 back in April which was driven by a tide of liquidity, fast-money bets and optimism about growing demand from institutional investors. Optimistic views from the likes of billionaire Elon Musk and Twitter CEO Jack Dorsey and the direct listing of several digital-currency platforms like Coinposters also fueled the outcome.

But pessimisms and criticisms later emerged, including an turn-about from the Tesla CEO, which focused (in part) on the environmental cost of the energy consumed by the computers that underpin Bitcoin. Bitcoin collapsed below $30,000 after a crypto retreat in May. The recovery since then has seen the value of more than 9,000 digital tokens reach about $2.2 trillion from $1.2 trillion in just a month.

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Bulls haven’t taken to heart more recent comments from Elon Musk, Ark Investment Management’s Cathie Wood as well as the conjecture over Amazon’s possible involvement in the crypto sector. The Tesla CEO had said last month that he’d like to see the token succeed and he has personally bought Bitcoin, Ethereum and Dogecoin. Ark’s Wood also said that companies might want to consider adding Bitcoin to their assets and liabilities.

It is clear that Bitcoin is getting closer and closer to the higher end of what was speculated as a new trading range has gone quickly from the lower $40,000s to lower $50,000s. Apart from the largest coin, Ether has also been climbing, increased by an upgrade to its fundamental network that signals a more impelling supply of the token.