Bitcoin breaks back above $50,000 in crypto rally
Bitcoin reclaimed the $50,000 threshold as the cryptocurrency sector as a whole continued to rise.
On Monday, the largest cryptocurrency touched a high of $50,363, after briefly surpassing $50,000 on Aug. 23 — a level it hadn’t seen since mid-May. Ether, the second-largest cryptocurrency, climbed as much as 3% to $3,843, extending a good run following its London upgrade earlier this month.
According to CoinGecko.com pricing, the overall crypto market cap increased by 5% to $2.3 trillion. Three-digit cryptography Cardano is approaching a $100 billion market cap on smart contract euphoria, and Solana and Polkadot are up nearly 60% and 22%, respectively, in the last seven days, according to CoinGecko.
Cryptocurrencies have risen in value this year as institutional interest has grown and research in areas such as decentralized finance (Defi) and non-fungible tokens has accelerated (NFTs). According to a recent report from MacRumors, Twitter Inc. may be building the groundwork to allow Bitcoin tips in its Tip Jar function. Meanwhile, El Salvador’s Bitcoin law will go into force on Sept. 7