The cryptomarket is presently exhibiting impressive movement on the price charts. At the time of writing of this article, BTC was trending at $50,332. The coin has crossed unimaginable levels, especially when there was an anticipated correction waiting for it.
Bitcoin reportedly continued the rebound due to the undying support of the marketers.
As per Coin Desk, the coin jumped above $50,000 at 10:40 p.m. ET on August 22, 2021.
Back in April 2021, the coin rose to $64,000, astounding the market with it’s prolific movement. It was followed by a heavy sell-off in June 2021. The plunge in the value of the coin continued in the next couple of months. The highest dip was marked in July 2021 when BTC touched $30,000. Market analysts believed the plunge was due to the renewed regulatory checking from Chinese officials. Restrictions from China forced Bitcoin mining to shift base elsewhere.
However, mid-July exhibited a steady recovery.
Two recent announcements have brought smiles to the faces of crypto traders. One of the announcements came last week stating that Coinbase is likely to buy $500 million worth of cryptocurrency. It is planning to allocate 10% of the profits to the crypto assets portfolio.
Another announcement came from PayPal. Reportedly, PayPal would launch services that will enable people to buy, sell, and hold cryptocurrencies, in the U.K.
In the meantime, the other cyptocurrencies followed the footsteps of Bitcoin. Chart-toppers like Ethereum, Cardano, and Binance Coin showcased almost similar approaches as Bitcoin. Bitcoin holds a magnetic place in the crypto market.
As of Sunday, the cryptocurrency marketplace was valued above $2.14 trillion according to the data from Coinmarketcap.