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Bitcoin has hit the promising $ 50,000 level again as the cryptocurrency market continues to recover from the erratic trajectory it took just three months ago.
The largest virtual currency rose 3.5% to nearly $ 5,093 in Asian exchanges on Monday, with other cryptocurrencies winning, including Ether and Cardano. The last time Bitcoin crossed $ 50,000 was in mid-May.
The recovery in the cryptocurrency market again sparked enthusiasm among its supporters, dropping the long-term forecast to a value of $ 100,000 or more. Others see speculative and volatile assets carving out a wider trading range at the moment.
“Bitcoin is approaching the upper bound of what I would expect as a new trading range between $ 40,000 and $ 50,000,” Rick Bensenor, CEO of Bensignor Investment Strategies wrote on Monday.
Bitcoin hit a record high of nearly $ 65,000 last April, driven by a surge in liquidity, quick financial bets and optimism about growing demand from institutional investors.
But more important comments emerged later, including on the environmental cost of the energy consumed by computers powered by Bitcoin. The intensifying crackdown on cryptocurrencies in China has also soured the mood. Bitcoin fell below $ 30,000 after it fell in May.
The more than 9,000 digital tokens tracked by CoinGecko are worth around $ 2.2 trillion, up from $ 1.2 trillion a month ago.
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