Bitcoin Surpasses $50,000 Mark, Adds $40 Billion to Market Cap
Bitcoin (BTC) has finally crossed the critical psychological price mark of $50,000 for the first time since 2021. In just one day, its market capitalization has increased by close to $40 billion, causing excitement in the cryptocurrency sector. According to CoinMarketCap, Bitcoin’s market cap jumped from $945.31 billion to $982.41 billion in 24 hours, indicating a growth of 3.93% and an addition of $37.1 billion.
Bitcoin Price Analysis
Currently, Bitcoin is being traded at $50,066, showing a gain of 4.13% in the past 24 hours. It has also experienced a 16.42% increase over the previous seven days and a 16.43% increase on its monthly chart.
Bitcoin Breaks Fibonacci Retracement
An analysis shared by crypto trading expert Jelle reveals that Bitcoin has broken the 0.618 Fibonacci retracement before the halving for the first time in its history. This achievement is seen as the “strongest start to a new bull cycle ever.” Jelle’s analysis suggests that Bitcoin may continue printing new highs.
The Market Re-enters Phase of Belief
Crypto analyst Ali Martinez highlights that the market has emerged from a period of anxiety and re-entered a phase of belief. This could lead to additional upward momentum for Bitcoin before reaching the peak of euphoria that characterizes the end of a bullish cycle.
Potential for New All-Time High
The recent bullish rally triggered by Bitcoin’s performance indicates that it may surpass its previous all-time high of around $69,000 reached in November 2021. The flagship DeFi asset is on track to make history once again.
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