Bitcoin Tops $50K in a First Since May
2 Min Read
After topping $60,000 in April and losing more than half its value by mid-July, Bitcoin is on a rebound as the most popular cryptocurrency has just crossed the $50,000 threshold yet again.
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Bitcoin
The largest cryptocurrency rose above the odds, gaining 3.5% Sunday to pass the $50,000 threshold yet again, in a rebound from its all-time high value of $64,000.
The digital coin had lost over 50% of its value in the time period between mid-April and mid-July, going from nearly $64,000 to less than $30,000. Bitcoin did not recover alone on Sunday, as it was accompanied by several other cryptocurrencies, such as Cardano’s ADA, which gained 11.59%, and Ethereum, which gained 3.18%.
Bitcoin has been on a steady rise since mid-July, with some dips here and there but nothing too serious, allowing the coin to jack up 50% of its value that it started losing in mid-May.
In early June, Bitcoin started losing value due to concerns about its involvement in the Colonial Pipeline ransomware attack, through which the attackers caused a fuel shortage in Alabama, Florida, Georgia, North Carolina, and South Carolina.
However, according to data from CoinMarketCap, the value of the entire cryptocurrency market stood above $2.15 trillion on Sunday, marking a 3.2% increase of the market's value.
