On Monday, August 23, Bitcoin price hit $50K for the first time since early May this year due to the latest crypto bull run. As a result, most altcoins rallied.
As of the moment, the price of Bitcoin is at $50,175.90 rising 2.03% or 997.30 points.
Currently, the world’s largest cryptocurrency has a market capitalization of $943.01 billion with a 24-hour volume of $32.59 billion.
An analyst stated that this is mainly due to the latest bull run which turned the tables for the cryptocurrency market.
A few months ago, a big dip happened which made traders resort to panic-selling and crypto dumping due to extreme worries.
However, the efforts of the long-term crypto holders and firm believers made the crypto market rally once again.
Several digital asset analysts stated that this phenomenon is already forecasted and set to take place.
According to analysis, this spike is just a small surge and the start of a huge forthcoming price run.
Now, a trader stated that the recent prediction came out to be true, therefore, the fear of a potential dip faded.
He added that a lot of investors have a growing interest to invest in digital assets once again.
Thus, the Fear & Greed Index, which gauges investors’ greed sentiment, showed a 79 reading which translated to ‘Extreme Greed’ crypto market point of view.
Hence, an analyst said that a surge in digital asset investments and trades is expected alongside a massive price increase.
Several traders commented that it will take a long time before a huge crypto price surge will happen.
For instance, a lot of investors are positive that Bitcoin could reach $100,000 by the end of 2021.
However, other analysts explained that there might be a little pullback after this $50k mark before it will reach $100K.
Crypto Rallied as Bitcoin Surged
Furthermore, Ethereum smashed 2.24% or 72.98 points to $3,335.70. It has a market cap of $390.75 billion with a 24-hour volume of $21.04 billion.
Likewise, XRP soared 4.09% or 0.06 points to $1.29 with a market capitalization of $128.99 billion. It has a 24-hour volume of $5.17 billion.
The same with Cardano which spiked 8.14% or 0.29 points to $2.84. It has a market cap of $91.64 billion and a 24-hour volume of $7.05 billion.
Consequently, Uniswap jumped 1.37% or 0.40 points to $29.39 with a market cap of $29.39 billion. It has a 24-hour volume of $426.20 million.