Bitcoin bounce back from Monday Crash to hit $50k for the first time ever

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Bitcoin, the world’s most valuable and first ever cryptocurrency, has crossed the $50,000 mark for the first time in history. The milestone was largely expected and it was a question of ‘When?’ rather than ‘If’ this feat will be attained.

This new record signified that Bitcoin had appreciated from $25,000 to $50k within the space of 52 days, an increase of 100 percent in less than two months.

The currency first crossed the golden threshold on exchanges Coinbase and Binance in the early hours of Tuesday, but 13 hours into the day and every major exchange are in consensus to update the value of the coin with the price peaking at $50,584.85 on Coindesk.

Roller-coaster 24 Hours

The cryptocurrency exchange had earlier today recovered from Monday’s crash which saw it lose over 120 billion USD in value, to post a market cap of $1.5trn for the second time in three days.

The fall in the price of Bitcoin, the major currency of the digital space, which lost over $2000, instigated an inevitable domino effect which caused the total market cap to dip below the $1.4 trillion mark.

The declining curve had however been halted as 96 of the top 100 cryptocurrencies currently in circulation recorded an increase in value from Monday, as the cryptocurrency market cap hit $1.5 trillion to match February 14’s record, with $50 billion of that rise emerging within 4 hours. As at press time, all of the top 50 currencies all posted an increase in price.

This meant that all of the cryptocurrencies in the hands of investors are now worth over one and a half trillion naira in valuation, with Bitcoin contributing about 61% to that figure.

Cosmos made the biggest increase in value jumping a staggering 26.05 percent to $25.63 in valuation and is now ranked as the 17th most valuable coin in the market.

Other altcoins with notable increase in value are

Coin Increase(%) Price($)
NANO 21.59 6.86

Digibyte 20.70 0.07808

Horizen 20.67 60.65

Kusama 19.86 208.32

ICON 18.16 1.81

The two most valuable currencies in Bitcoin and Ethereum, posted 3.07 and 1.61 percent increases respectively.

However, Bitcoin had fallen from its all-time value of $49,950 attained few hours ago, with the figure hitting as high as the golden €50k mark on some exchanges like Binance and Coinbase.

This change was spurred by the overwhelming amount of investments in the past 24 hours with an unidentified wallet (that’s the point of blockchain) purchasing $5 billion worth of Bitcoins at the rate of $48000.

At its market capitalization peak, over $200 billion of the crypto market value was added in the past 24 hours.

At the start of 2021, the cryptocurrency market cap stood at $762 billion, this meant that there has been an appreciation of over 96% in value in the 47 days of the new year so far.

Bitcoin hitting $50,000 also saw its market cap rise to an all-time record of $1 trillion.

Here are some extracts of how several supporters of cryptocurrency celebrated:

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Meticulous to a fault.

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