23 Aug 2021 10:01 AM +00:00

Bitcoin Hits $50,000 For The First Time Since May

Bitcoin broke the $50,000 barrier earlier today, hitting its highest price in over three months.

At 2:54 AM UTC, bitcoin’s price reached $50,162.89, before briefly dropping below the $50,000 mark again at 4:29 AM.

Since then, bitcoin has remained above $50,000, touching $50,419.36 before slightly dropping.

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Bitcoin Breaks $50k

This breaching of $50,000 is the latest milestone hit by bitcoin since dropping to a low of $28,893.62 on June 22. Just two months earlier on April 14, Bitcoin reached its all-time high of $64,863.10.

Bitcoin’s price drop came as more traditional investors and institutes withdrew support or backed away from cryptocurrency. China clamped down on cryptocurrency mining, for example, while Elon Musk’s Tesla cited the environmental impact of bitcoin mining, rolling back support for bitcoin payments.

At the time of writing, bitcoin’s price is $50,319.64, up 2.18% since yesterday. Even with the volatility, bitcoin is some 326% up from its price 12 months ago.

In the aftermath of bitcoin hitting $50,000, Mad Money’s Jim Cramer tweeted about the cryptocurrency.

Alongside bitcoin, Ethereum, Cardano and Binance Coin all saw sharp price increases over the past 24 hours. The current global market cap is $2.16 trillion – up 2.81% - according to CoinMarketCap.

Read More: Bitcoin Taproot Upgrade Explained

[Featured Photo by Aleksi Räisä on Unsplash]