Bitcoin has advanced above US$50,000 for the first time since May as crypto markets continue to rally.
Trading at US$50,154, Bitcoin is up just over 2% and has a total market cap of around US$942bn.
Passing the key psychological mile marker is seen as significant as sentiments increasingly turn bullish for Bitcoin, which previously gave up around half its value amid a Chinese clamp down on crypto mining operations.
Commentators and trading tipsters see the top crypto rallying further to challenge this year’s prior highs – around US$65,000 seen in April – in the coming phase particular as institutional interest is claimed to have grown whilst retail Bitcoiners have largely HODL’D (“Held On for Dear Life”) through the recent downturn.
Ethereum, the second largest crypto by value, is similarly up around 2% in Monday’s early deals changing hands at US$3,323 giving a total market worth of US$389bn.
Cardano is the biggest mover, among the most popular cryptos, as it continues to ascend and extend its new highs. Priced at US$2.81 the so-called eco-crypto is 7.24% higher for the day and has risen up 138% in the past month from around US$1.18.
Ripple’s XRP is up 4.8% at US$1.30 and Dogecoin added 2.56% to 32.79 US cents.