Bitcoin slams $ 50,000, the first time since May

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As the crypto market continues to recover from a spring crash and the summer slump that followed, the pioneering crypto asset rose to $ 50,000 on Sunday night.

In market value, the flagship crypto-asset has surpassed $ 50,000 amid heightened buying pressures. Data retrieved from the FTX exchange shows a rise of 2.6% for the day, around 6% last week and 55% last month.

The last time Bitcoin hit $ 50,000 was in early May, right after Elon Musk said Tesla would no longer accept Bitcoin as a payment method for its cars. Following this announcement, the value of Bitcoins fell in the following weeks and months.

Following Tesla’s $ 1.5 billion purchase of Bitcoin three months earlier, Musk made a 180-degree turn that stunned investors.

After last week’s announcement that China would take action against Bitcoin mining and trading – and later – the damage has been further exacerbated.

Since the bad news fell on all major crypto assets, there has been an immediate plunge into the broader crypto market.

When prices go up, more coins come back at a profit. Using Glassnode’s data further helped determine both the number of Bitcoin accumulating at particular price points and our ability to gauge the overall market incentive to sell and earn.

Of the coin supply in circulation, 19.2% became profitable between the July low of $ 29.7,000 and the current price of $ 47.0,000. The last BTC spent is $ 3.6 million, which means the on-chain cost base falls within that range.

From this it can be deduced that a very large volume of BTC has been accumulated in this price range.

Plus, watch how much bigger this profitable supply jump is than the January prices of $ 30,000 to $ 40,000. In total, this means that around 1.4 million additional bitcoins have been revalued in this price range since then.

The price of Bitcoin has fallen below $ 30,000 several times over the past few months, losing more than half of its value. Nonetheless, the market gradually recovered most of the loss.

The story continues

By breaking above 50,000, future net numbers can be reached, such as $ 55,000 and $ 60,000.

This article originally appeared on FX Empire

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