Bitcoin price costs $ 50,000 for the first time since May

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The price of Bitcoin (BTC) was back on the offensive on Sunday night, hitting $ 50,000 for the first time since May and signaling that the bull market was rapidly approaching its second stage.

The price of BTC peaked at $ 50,270.00 on Bitstamp, after gaining 3% on the day, according to Cointelegraph Markets Pro. The largest cryptocurrency has a total market cap of $ 943 billion.

Bitcoin price briefly exceeds $ 50,000 on Bitstamp: Cointelegraph Markets Pro

The chain measures recently suggested that a supply squeeze may be imminent, with long-term holders and institutions boosting their holdings of BTC, while prices remain at a reduced price. A streak of higher lows and a positive daily close signal have carried BTC’s momentum since it traded in the low range of $ 30,000.

Meanwhile, the Bitcoin Fear & Greed Index, which is based on a multifactorial sentiment analysis, went from extreme fear to extreme greed in less than a month.

Bitcoin sentiment turned positive this month. Source: Alternative.me

The cryptocurrency market appears to have turned a corner this month, with the combined crypto cap currently hovering around $ 2.2 trillion, according to CoinGecko. In contrast, the combined crypto cap fell below $ 1.3 trillion in the depths of the July bearish market action.

Related: Crypto Market Cap Returns To $ 2 Million For The First Time Since May

While Bitcoin initially led the recovery in the crypto market earlier this month, many altcoins have since risen. As of this writing, Cardano (ADA), PolkadotsDOT and Solana (SOL) are all showing double-digit gains for the week.

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