After a period of more than three months, the largest and biggest cryptocurrency in the world has reached the much-anticipated mark of $50,000. After having gone through what many experts have believed to be a crash during the springtime and another slump during the summer, Bitcoin has re-emerged on the radar claiming the $50,000 mark on the evening of Sunday. This is according to experts and investors around the world a much-anticipated development of the price point since the cryptocurrency has been recovering.
Bitcoin, which is by far the oldest and the largest cryptocurrency in the world, has reached a market cap of $50,000. When the news was reported, the rate of growth of the cryptocurrency was showing 2.4% in the last 24 hours. The rate was calculated as 5.6% during the period of the last week and the raste according to the span of the past month, was showing as 55%. These analyses were revealed by none other than Coingecko who are basically the largest authority in the world on any news related to cryptocurrencies.
The last time the world witnessed Bitcoin sitting in the $50,000 mark was back in the month of May or during mid-May to be precise. This was right after the moment when the Chief Executive Officer of Tesla and SpaceX, none other than Elon Musk himself, made an official statement saying that his electric car manufacturing company, Tesla will no longer accept payments that are made in the form of Bitcoins and this decision was solely fueled by the process of mining the cryptocurrency which then had some serious issues of adverse effects on the environment because of the incredible amount of heat it generates.
Moreover, during that time, there was an incident of a crackdown by the authorities which had taken place in China that restricted mining operations near the Sichuan Province. This incident coupled with the news of Tesla’s reluctance on accepting Bitcoins sent the entire Bitcoin market plummeting to an unexpectedly lower market cap during the days and the weeks following those events.
The institutional investors around the globe were shocked at the news that came from Elon Musk. This was primarily due to the fact that only three months prior to this announcement, the Tesla CEO had purchased a staggering amount of $1.5 billion worth of bitcoins himself. It was this specific event alone that someone like Elon Musk had purchased this much amount of the cryptocurrency, that provided impetus and boosted the confidence and morale of investors around the world, both retail investors and institutional investors.
The damage had been made further serious by the news of the Chinese government officials declaring a crackdown on the bitcoin mining process in their country and gradually they made sure the crackdown was implemented firmly.
We all know that the wider crypto market has a tendency to tail behind the biggest cryptocurrency in the world, and the moment when this incident resulted in dipping valuations for bitcoin, eventually all other cryptocurrencies and the broader crypto market started following a similar trend in the days following the bad news.
Over the course of the last few months, Bitcoin had lost even more than half of its retained value dipping below the point of $30,000 and that too, on multiple occasions. But gradually, the cryptocurrency still managed to recoup most of the losses it had incurred and eventually, we have seen how the rest of the cryptocurrencies and the global crypto market has followed in its footsteps in a similar pattern.
Maximum traders around the world are of the opinion that a whole figure or all round numbers that are followed by a several number of zeroes, much like the new point of $50,000 that bitcoin has regained, is nothing but a psychological indicator of true success. They truly believe that breaching the $50,000 mark is an indicator that the crypto will be reaching new heights of $55K or probably even $65K in the near future.
On the 23rd of April this year, when the price of bitcoin just fell slightly below the mark of $50,000, the famous crypto exchange platform called Kraken reported that there was a massive trend of selling going on. It was then they had noticed that the psychological impact of $50,000 or $60,000 marks is very much a real thing and it drives people’s emotions that way.
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