Bitcoin Hits $50K For First Time Since May 2021 As Market Maintains Recovery Track

The bitcoin price has crossed $50k for the first time since May 2021. At the same time, the bitcoin market cap is now above $942 billion.

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The bitcoin price has crossed $50k for the first time since May 2021, and stands at $50,228 at time of writing.

At the same time, the bitcoin market cap is now above $942 billion.

Bitcoin hit an all-time high in April 2021, going over $64,000 but sold off heavily in June and July 2021, even dipping below $30,000 at one point.

One of the reasons was renewed regulatory scrutiny from Chinese authorities forcing bitcoin mining operations to shut down.

Since mid-July 2021 however, the market turned bullish and bitcoin has been on a steady rise.

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SEE ALSOBitcoin Sees Largest Active Addresses Surge Ever Recorded in July 2021

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A Glassnode report recently highlighed a 30% surge in active bitcoin wallet addresses in July 2021 – the biggest ever surge in active bitcoin addresses.

Another report by Santiment indicated the amount of bitcoin held on addresses storing between 100 and 10,000 BTC grew to 9.23 million bitcoins ($364 billion) as of August 1, 2021. This was highlighted as yet another all-time-high for that group of investors.

According to the Santiment report, a drastic spike in daily active addresses, trading volume, and social volume is a good indicator of a major price rally.

The combined crypto capitalization currently stands at roughly $2.2 trillion. By contrast, the combined crypto capitalization dropped below $1.3 trillion during the depths of July 2021 bearish market action.

Besides Bitcoin, native tokens for Ethereum, Cardano, Binance, and Solana ecosystems, are also boosting the market’s recovery with significant gains in recent weeks.

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RECOMMENDED READING: DeFi Catapults Ethereum to Become Fastest Growing Crypto in H1, 2021

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