The crypto market cap has seen a three-month record as bitcoin surged by $4,000 in a day to above $50,000.
After a few consecutive days of losing value, bitcoin skyrocketed by more than $4,000 in the past 24 hours and broke above $50,000. Most altcoins are also in the green, with ETH eyeing $4,000 and Cardano marking a fresh ATH above $3.
Bitcoin Tapped $50K
The primary cryptocurrency had its fair share of struggles in the past week or so. It briefly surpassed the $50,000 mark last Monday, but the bears didn’t allow any further gains.
Just the opposite, they pushed the asset south in the following days. Aside from a few unsuccessful breakout attempts, BTC was mainly losing value. This culminated yesterday when the cryptocurrency fell to a multi-day low of $46,500 (on Bitstamp).
The situation quickly changed at that point, though. Instead of falling further, bitcoin started to increase in value rapidly. It added more than $4,000 in a day and spiked above $50,000 once again.
Despite retracing with a few hundred dollars since the intraday peak, BTC still remains above $50,000 as of writing these lines. Furthermore, its market capitalization has increased to nearly $950 billion.