The world’s largest cryptocurrency by market cap has recently topped $50,000 for the first time in three months. Bitcoin surpassed this level on Sunday evening, which hasn’t happened since mid-May, peaking at $50,270 on Bitstamp.
At the time of writing, Bitcoin trades at $50,157, up by 2.10%. The last time the cryptocurrency reached the $50k mark was in May. The crypto price has even dropped below $30,000 on multiple occasions since then.
Some of May’s announcements and events played a role in this devaluation. Tesla CEO Elon Musk then announced that his company would stop accepting Bitcoin as payment for its cars, given the environmental concerns, and China cracked down on Bitcoin mining and trading.
Bitcoin has a total market capitalization of $943 billion, and the combined crypto capitalization is currently at the $2.2 trillion level, according to Coingecko.
A few altcoins have also surged, with Cardano (ADA), Solana (SOL), and Polkadot (DOT) witnessing double-digit gains for the week, at the time of publication.