Bitcoin recorded a massive surge to $50,000 on Monday. In the past three months this is the first time when Bitcoin recorded a huge spike. The crypto rose by 2.5% since mid May and reached $50,152.24 as of today.
After trading between the range of $30,000 to $40,000 for a period of few weeks Bitcoin finally reached this phenomenal mark. In mid-April the digital currency declined by a record of $65,000.
On Monday, Rick Bensignor, CEO at Bensignor Investment Strategies wrote, “getting nearer the higher end of what I expect as a new trading range in the low-$40,000s to low-$50,000s.”
Coindesk stated that the second largest crypto Ether, traded above $3,321 mark. Where Dogecoin was trading up by 1% at $0.32 other digital currencies, Stellar, Uniswap, XRP, Litecoin, Cardano traded in green and marked above the profit level in 24 hours.
As per the Global Crypto Adoption Index of 2021 by the blockchain data platform Chainalysis, crypto adoption globally grew by 880 percent between June 2020 till July 2021. Vietnam stands as the top most country to adopt cryptocurrency in the world. India is second in this ranking. Meanwhile countries like US, UK and China are behind India in cryptocurrency adoption.
The digital coins were recently weighed below after the environmental concerns in production of the coins were raised along with the crackdown recorded in China. Meanwhile, comments by Elon Musk and Cathie Wood helped Bitcoin trade and grow further.
PayPal Inc Holdings is set to permit it’s customers to buy, sell or hold cryptocurrencies including Bitcoin from this week. As per Reuters, the first ever roll-out of PayPal outside the United States can serve as an inspiration as the new asset class.
On Sunday, the total value of cryptocurrencies was $2.17 trillion. The above data is stated by CoinGeko.com. Today, Bitcoin was already trading above the 50 mark followed by Ethereum, Cardano, Binance Coin, Ether and more. Where Ethereum rose by 5.28 percent, Cardano and Binance Coin rose by 14.87 and 12.94 percent, respectively.