After three months of absolute mayhem, Bitcoin recovered to top the $50,000 level once again. On Monday, in the Asian market, the largest virtual coin went up by 3.5% to reach $50,093. In addition to this, Ether and Cardano’s ADA also saw an increase.
The last time Bitcoin breached the $50,000 level was in mid-May.
Many crypto investors are excited by this recovery and are expecting it to reach the $100,000 mark while others are still skeptical about the future.
Rick Bensignor, chief executive officer at Bensignor Investment Strategies Monday said that Bitcoin is moving towards the higher range and the new trading range probably will be in the low -$40,000s to low $50,000s.
In April 2021, Bitcoin on the back of tide liquidity and fast money bets touched almost $65,000 But more critical commentary later emerged, including about the environmental costs of the energy consumed by the computers that underpin Bitcoin. An intensifying cryptocurrency crackdown in China also soured the mood. Bitcoin fell below $30,000 after May’s rout.
The recovery since then has seen the value of more than 9,000 digital tokens tracked by CoinGecko reach about $2.2 trillion from $1.2 trillion a month ago.